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SNC-Lavalin Group Inc. (SNC-T) said its net income for last year is expected to miss its own expectations by about 18 percent, or $80 million, as the engineering and construction firm lost out on some projects and reported unrelated expenses on others.
For the fourth quarter, the company expects to record a loss of about $23 million from a revision to the company's exposure on its Libya projects and expenses of about $35 million related to payments logged into unrelated construction projects.
"Period expenses of approximately $35 million relating to certain payments made in the fourth quarter of 2011 that were documented to construction projects to which they did not relate and, consequently, had to be recorded as expenses in the quarter," the company said in a statement.
SNC-Lavalin said its board has started an independent investigation to probe the circumstances of the $35 million in expenses.