Newspaper article The Canadian Press

Genivar Q3 Profit Increases 37 per Cent $22.1 Million on Acquisition

Newspaper article The Canadian Press

Genivar Q3 Profit Increases 37 per Cent $22.1 Million on Acquisition

Article excerpt

Genivar Q3 profit up 37% to $22.1 million

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MONTREAL - Engineering consulting firm Genivar says its net income attributable to shareholders surged 37 per cent to $22.1 million in the third quarter on higher revenues due to last year's $442-million purchase of British-based WSP Group.

The Montreal-based company earned 41 cents per share for the period ended Sept. 28, compared with 36 cents per share or $16.1 million a year ago.

Excluding restructuring charges, Genivar's adjusted profit was 45 cents per share, in line with analyst expectations.

Genivar (TSX:GNV) took a $3.1-million charge related to its 5.5 per cent reduction in staff in Quebec and Ontario.

Total revenues were $490.5 million, while net revenues excluding subconsultants and direct costs were $407.7 million, up nearly 27 per cent from $321.4 million a year earlier.

Organic revenues grew 5.5 per cent, mainly due to operations in Europe, the U.S. and the Middle East, offset by decreases in Canada. …

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