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Aecon profits down, backlog increases

Aecon’s (ARE-T) first quarter loss was wider than last year, but the construction company’s chief executive says a large backlog of orders will allow the company to meet its outlook for the year.

Aecon Group Inc. posted a wider first-quarter loss, partly hurt by higher expenses, but the biggest listed construction company in Canada said it was on target to meet its outlook for this year and the next.

Outlook for the industrial segment is driven primarily by the return to strength of Canada's resources and power sectors, it said in a statement.

January-March loss attributable to shareholders was $21.5 million, or 39 cents a share, compared with a loss of $5.3 million, or 12 cents a share, a year ago

Revenue rose 20 percent to $512 million.

Direct costs and expenses rose 22 percent to about $496 million, in the quarter. CTV Two CTV News CTV News Channel BNN - Business News Network CP24