SNC-Lavalin cuts profit forecast again over mining dispute
|National Post 11 Feb 2019 at 05:32|
The company said the challenges on the project are mainly due to unexpected site conditions, environmental and safety measures, and underperformance from sub-contractors.
Due to the negative impact from the project, the core earnings for the fourth quarter from its mining and metallurgy unit could slip to a loss of up to $350 million, the company said.
SNC-Lavalin said it aims to complete the project in the second quarter of 2019 as it has agreed to settle the dispute with the help of an independent third party.
The company now expects its 2018 adjusted profit to be in the range of $1.20 to $1.35 per share, down from the prior forecast of $2.15 to $2.30 per share.