TORONTO — Aecon Group Inc. swung to a loss in the second quarter as some construction projects were slowed by the COVID-19 pandemic and its stake in Bermuda’s airport operations was hurt by a suspension of flights.
The Toronto-based construction firm says it lost $6.2 million for the period ended June 30, compared with a $20.4-million profit a year earlier.
That translated into a loss of 10 cents per dilute share, down from a profit of 31 cents per share in the prior year quarter.
Revenues dropped 10 per cent to $779.4 million, from $867.3 million.
Aecon was expected to lose 11 cents per share on $693.5 million of revenues, according to financial markets data firm Refinitiv.
Nonetheless, its backlog reached a record $7.25 billion by the end of the quarter, up from $6.75 billion as of June 30, 2019.
This report by The Canadian Press was first published July 24, 2020.
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