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

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Pancakerachelcorrie
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Pancakerachelcorrie

Bailout? With albertas money

Shawn Harris
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Shawn Harris

Wait for it, you can almost hear Trudeau promising to bailout SNC Lavalin, yet again. Why, because he is the member for Papineau and there 9000 jobs at risk of being lost in Quebec. This time, it won’t be like giving 372 million taxpayers dollars to Bombardier , who then gave away their C series plane to Airbus while giving their top leaders a bonus. This time it will be if we don’t give SNC Lavalin billions of dollars Quebec will separate. It is time to stop wasting hard earned tax payers money on money losing Quebec business; especially when… Read more »

jim
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jim

Couldn’t happen to a better company. Enjoy it snc as you earned it.

Del
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Del

How is SNC going to cover the billions they will be assessed in some of the dozens of UN and World Bank lawsuits they have in progress?

Big layoffs coming but the jobs will simply be taken up by Aecon and others. Loss of SNC jobs is yet another Liberal lie.

old white guy
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old white guy

Wow, looks like a couple of other posters are able to see the future much like I am. You can almost hear the grant money coming off the presses.