MONTREAL -- SNC-Lavalin Group Inc. said Tuesday it expects to see some year-over-year revenue growth at its main business this year as it reported bigger losses for its final quarter of 2020.
Chief executive Ian Edwards told analysts in a conference call that 2020 had been transformative, including progress on a strategic divestment of resource businesses.
"Following 18 months of focus and hard work executing on our new strategic path, SNC-Lavalin is well positioned for the future with a focus on growth, around which the team is energized to deliver," Edwards said in a statement.
The Montreal-based engineering firm's net loss attributable to shareholders totalled $702.7 million for the quarter ended Dec. 31, compared with $292.9 million in the fourth quarter of 2019.
From continuing operations, SNC says its net loss attributable to shareholders amounted to $322.9 million or $1.84 per diluted share for its most recent quarter compared with a loss of $180.2 million or $1.03 per diluted share a year earlier.
Revenue totalled nearly $1.7 billion, down from $1.97 billion.
The company's engineering services segment accounted for $1.52 billion of its total fourth-quarter revenue, down 3.2 per cent from $1.57 billion in the corresponding period of 2019.
But Edwards told analysts that engineering services showed resilience through the COVID-19 pandemic.
In its outlook, SNC said it expects engineering services revenue for 2021 to increase by a low single-digit percentage, compared with 2020 when engineering services generated nearly $5.98 billion revenue.
SNC says its fourth-quarter adjusted loss from its professional services and project management operations amounted to $268.7 million or $1.53 per diluted share compared with an adjusted profit of $109.6 million or 62 cents per diluted share a year earlier.
Last month, SNC announced a deal to sell its resources oil and gas business to Kentech Corporate Holdings Ltd. as part of its shift to focus on its engineering services business.
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