SNC-Lavalin Posts $1.6B Q4 Loss
CBJ — SNC-Lavalin Group has announced a fourth-quarter loss of $1.6 billion and as such as slashed its dividend by 65%.
The Montreal-based engineering and construction company has been in the news a lot recently, and mostly for the wrong reasons. The company is at the centre of a scandal that could possibly include a coverup that might include members of the federal government.
No confirmation of wrongdoing by the government has yet been proven, but the federal Progressive Conservatives led by Andrew Scheer have been pushing hard for a transparent account of what happened between Prime Minister Justin Trudeau and former Attorney General Jody Wilson-Raybould and alleged interference with a case involving SNC-Lavalin. The criminal fraud and bribery charges are in relation to business ties between the company and Moammar Gadhafi’s regime in Libya.
SNC’s loss for its fourth quarter amounted to $9.11 per diluted share. That compared with a profit of $52.4 million or 30 cents per diluted share in the fourth quarter of 2017.
Revenue totalled $2.56 billion, down from $2.92 billion in the fourth quarter of 2017.