TORONTO – Construction company Aecon Group Inc. (TSX: ARE) says its first-quarter net loss attributable to shareholders narrowed to $19.5 million.
That amounts to 37 cents per share, compared to the $21.5 million, or 39 cents per share it lost in the same quarter of 2011.
Revenues fell to $502.2 million from $512 million.
The company said the improvement in results was due to a strong performance from its infrastructure and industrial segments and ramping up Aecon Mining.
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On an adjusted basis, the loss was $17.4 million, or 33 cents per share, compared to $26.9 million, or 49 cents per share in the first quarter of 2011.
The company said its backlog of orders worth $2.4 billion is a first-quarter record. Aecon said it booked $491 million in new contracts, up from $363 million in the first quarter of 2011.
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“The Aecon team is making progress along our path of focused execution and delivering improved results,” said John Beck, Aecon’s chairman and CEO.
“Our first-quarter results build on the foundation of steadily improving performance. We are confident that Aecon’s diverse capabilities across Canada will continue to attract additional contracts, as the sectors in which we are well positioned, grow and develop.”
The company has been awarded a contract to build six 10MW solar parks in Ontario for Northland Power Inc.
Aecon Group develops construction and infrastructure for private and public sector clients.
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