Aecon increases dividend despite big drop in Q4 net profit, fall in revenue

TORONTO – Aecon Group Inc. (TSX:ARE) is increasing its dividend by more than 12 per cent despite reporting lower revenue and earnings in its most recent period.

The Toronto-based provider of construction, contracting and infrastructure development services across Canada says its quarterly dividend will be increased a penny to nine cents per share payable April 1 to shareholders of record March 21.

Aecon said Tuesday that its net profit fell to $28.3 million or 48 cents per diluted share in the three months ended Dec. 31 from $56.3 million or 71 cents in the same 2012 period.

Revenue declined to $906.2 million from 932.1 million.

For the full year, the company reported net profits of $40.6 million or 72 cents per diluted share on revenue of $3.06 billion, compared with net profits of $77.6 million or $1.18 per diluted share on revenue of $2.88 billion.