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TORONTO — Shares of Aecon Group Inc. fell more than 15 per cent Thursday morning after the company said it faced challenges with four large fixed-price legacy projects being carried out by joint ventures in which it is a partner.
In reporting its third-quarter results, the company says it took an operating loss related to the legacy projects amounting to $91.1 million, compared with an operating loss of $30.1 million related to the projects in the same quarter a year earlier.Overall, Aecon reported its third-quarter profit rose to $133.4 million or $1.63 per diluted share for the quarter ended Sept. 30, boosted by the sale in September of a 49.9 per cent stake in Bermuda Skyport Corp. Ltd.
Analysts identified two problematic infrastructure projects as the Eglinton Crosstown light-rail transit system in Toronto and the Gordie Howe bridge being built between Detroit and Windsor, Ont.
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