Reuters: Regulatory News: SNC profit declines as scandal worries continue

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SNC profit declines as scandal worries continue May 3rd 2012, 13:19 TORONTO | Thu May 3, 2012 9:19am EDT TORONTO May 3 (Reuters) - Canadian engineering and construction giant SNC Lavalin Group Inc, which Canadian police are investigating on allegations of bribery and improper payments, reported a 14.5 percent decline in quarterly profit on Thursday. SNC, whose chief executive resigned in March after authorizing $56 million in "mystery" payments, said earnings for the period ended March 31 fell to C$67 million, or 44 Canadian cents a share. That compares with a profit of C$78.8 million, or 50 Canadian cents a share, in the same period a year earlier. Revenue rose to C$1.78 billion from C$1.64 billion. Analysts had expected, on average, a profit of 49 Canadian cents a share and revenue of C$1.84 billion, according to Thomson Reuters I/B/E/S.

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