SNC-Lavalin Group Inc. (SNC-Lavalin) has reported revenues of CAD1.6 billion for the first quarter of 2009, up 40%, compared with the revenues of CAD1.8 billion in the year-ago quarter. It has also reported a net income of CAD77.5 million, or CAD0.51 per diluted share, for the first quarter of 2009, compared with the net income of CAD70.8 million, or CAD0.47 per diluted share, in the year-ago quarter.

The higher net income was mainly due to higher contributions from the infrastructure & environment, mining & metallurgy and infrastructure concession investments segments, partially offset by a loss in the chemicals & petroleum segment.

The variation mainly reflects decreased activities in Packages, partially offset by increased revenues in services and operations & maintenance.

The company’s financial position remained strong with cash and cash equivalents of CAD872.3 million at March 31, 2009.

The company’s return on average shareholders’ equity was 28.2% for the 12-month period ended March 31, 2009, compared to 25.8% in the year-ago quarter.

The company’s total backlog for the four revenue categories: services, packages, operations & maintenance and infrastructure concession investments, totalled CAD9.0 billion at the end of March 2009, compared to CAD9.6 billion at the end of December 2008, and CAD10.0 billion at the end of March 2008. At the end of March 2009, Packages backlog decreased to CAD3.2 billion compared to CAD3.5 billion at the end of December 2008, and CAD3.9 billion at the end of March 2008, while Services backlog remained solid at CAD1.5 billion, in line with December and March 2008.

The board of directors today declared a cash dividend of CAD0.15 per share payable June 4, 2009 to shareholders of record on May 21, 2009. This dividend is an eligible dividend for income tax purposes.

“We are pleased with our solid results for the first quarter 2009 and remain positive for the year ahead,” said Jacques Lamarre, president and chief executive officer, SNC-Lavalin. “It is with great pride and confidence in SNC-Lavalin’s future that I pass the baton today to my successor, Pierre Duhaime. I know that he will lead SNC-Lavalin to new and exciting heights.”

“It is an honour and a privilege for me to be taking over the leadership of SNC-Lavalin, and I look forward to this new challenge,” said Pierre Duhaime, incoming president and chief executive officer, SNC-Lavalin. “The year is off to a good start. Given these results, our backlog and our list of prospects, we continue to strive for a net income growth of 7% to 12% in 2009, but remain cautious as the global economic situation is difficult to predict.”