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Written by THE CANADIAN PRESS
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Thursday, 09 October 2008 |
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EDMONTON - Lockerbie & Hole Inc. (TSX:LH) saw a drop in quarterly profit hurt by increased overhead expenses to prepare for increased project activity and lower margins, the company said Thursday.
The mechanical construction contractor said second-quarter profit of $5.2 million or 19 cents per share, down from a profit of $5.9 million or 26 cents per share a year ago.
Contract revenue in the quarter was $146.5 million, up from $105.9 million, due to increased activity on oil sands projects.
The company said it has increased staff levels by 20 per cent in the past six months.
In its outlook, the company said it is focused on its backlog and pursuing a number of opportunities in the industrial and infrastructure operating segments.
Shares in the company, which reported its results after the close of markets, were down 75 cents or 10.3 per cent at $6.50 in trading on the Toronto Stock Exchange on Thursday.
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Last Updated ( Thursday, 09 October 2008 )
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