|
contents | business | |||||||||
| Aecon reports second quarter results Toronto-based construction giant Aecon Group Inc. reported its financial results for the second quarter of 2009. Second quarter revenues reached a record $613 million, with increases reported in each of the four operating segments. Most of the increase was due to the recent acquisitions of Lockerbie & Hole and South Rock. Gross margin (representing revenues less direct costs and expenses) increased from $51.7 million (or 11.8% of revenues) in the second quarter of 2008 to $63.4 million (or 10.3% of revenues) in the second quarter of 2009. EBITDA (representing income from operations before interest expense, income taxes, depreciation, amortization and non-controlling interests) grew to $33.2 million in the quarter from $32.9 million in the second quarter of 2008. Operating profit (representing income from operations before interest expense, income taxes and non-controlling interests) decreased to $18.2 million from $26.5 million in the same quarter last year, as decreases in the Infrastructure and Industrial segments offset increases in the Buildings and Concessions segments. Earnings before taxes (representing income from operations before income taxes and non-controlling interests) in the quarter were $15.2 million, compared to $24.3 million in the same quarter of 2008. Net income decreased to $9.9 million ($0.18 per diluted share) in the quarter from $15.6 million ($0.31 per diluted share) in the same period last year. Net income of $9.3 million ($0.17 per diluted share) in the first half of 2009 was down from $15.9 million ($0.34 per diluted share) reported in the same period last year. write your comments about the article :: © 2009 Construction News :: home page |