Sept 29 Canada's SNC-Lavalin Group Inc
cut its full-year adjusted profit forecast for its engineering
and construction business due to commercial issues in two oil &
gas projects in the Middle East.
The company said it expected full-year adjusted profit for
its core business to be C$1.30 to C$1.60 per share, lower than
its previous forecast of C$1.50 to C$1.70.
The engineering and construction business contributed about
67 percent of the company's adjusted profit in the second
quarter ended June 30.
SNC-Lavalin said it expected to revise cost and revenue
forecasts in the Middle East contracts for the third quarter but
discussions were on to resolve the issues.
The fourth quarter is expected to return to a more normal
run rate, the company added.
SNC-Lavlin also said the outlook for its other businesses
remains "largely unchanged" with the infrastructure unit
trending to be slightly better than expected.
(Reporting by Arathy S Nair in Bengaluru; Editing by Don