MONTREAL - Information technology firm CGI Inc. is reporting a nearly 30 per cent increase in net income in the third quarter despite lower revenues.
The Montreal-based company says it earned $338.5 million or $1.36 per diluted share in the quarter, up from $260.9 million or $1 per share a year earlier.
Adjusted profits for the three months ended June 30 was $339 million or $1.36 per share, up from $308.4 million or $1.18 per share.
Revenues fell one per cent to $3.02 billion from $3.05 billion in the third quarter of 2020, but grew 3.5 per cent excluding currency fluctuations.
CGI was expected to report $340.1 million in adjusted profits on nearly $3.07 billion of revenues, according to financial data firm Refinitiv.
Bookings increased 28 per cent to $3.63 billion in the quarter, pushing its backlog up $1.05 billion to $23.3 billion.
“With robust bookings and cash from operations, we remain well positioned to continue driving profitable growth in the future,” stated CEO George Schindler.
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