SNC-Lavalin Loses $2.1 Billion

Dividend slashed 80%.

SNC-Lavalin, the embattled company at the centre of one of Canada’s biggest political scandals in years, had a brutal second quarter of 2019.

The company posted a net $2.12 billion loss.

In response, they are slashing their dividend a whopping 80%, from 10 cents per share to 2 cents per share.

SNC-Lavalin lost $2.18 billion in their engineering and construction business, which was not even close to being offset by a small gain of $65.5 million in SNC Capital, as reported by BNN Bloomberg.

Previously, the Quebec government left the door open to a possible bailout of the embattled firm.

Spencer Fernando

Photo – YouTube