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SNC Lavalin Q1 profit down 12%

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SNC Lavalin Group Inc. (SNC-T) Canada's largest engineering and construction company, posted a 12-percent fall in its first-quarter profit, hurt by the crisis in Libya.

January-March net income was $76.6 million, or 49 cents a share, down from $86.7 million, or 55 cents a share, a year ago.

In March, the company had forecast a flat 2011 net income, excluding certain gains, because of recent events in Libya and the Middle East.

The company's projects in Libya, where it has had operations for decades, include a prison, a water pipeline and an airport.

Revenue rose 25 percent to $1.64 billion.

The company said its revenue backlog at end-March was $9.4 billion, compared with $8.6 billion last year.

"Until such time as the Libyan situation is clarified, the company is maintaining its decision to exclude all of its Libyan projects from its revenue backlog as a precautionary measure," it said in a statement.

The company also announced a cash dividend of 21 cents a share for the first quarter, payable on June 2.

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