Aecon Group Inc, the majority owner of airport concessionaire Skyport, has declared profit attributable to shareholders of $56.5 million for the three months ended September 30, down from $133.4 million for the same period in 2023.

Revenue in the Concessions segment of $3 million, was $23 million lower compared to the same period in 2023.

It was said to be primarily owing to the use of the equity method of accounting in 2024 for Aecon’s 50.1 per cent retained interest in the Bermuda International Airport concessionaire, following the sale of nearly half their interest in Skyport to Connor, Clark & Lunn Infrastructure.

Aecon reported an operating profit of $80.9 million for the third quarter of 2024, down from $140.1 million for the same period in 2023.

The lower period-over-period operating profit was primarily due to a gain on the sale of a 49.9 per cent interest in the Bermuda airport concessionaire, Skyport, of $139 million in the third quarter of 2023.

Outlining the results, Aecon’s president and chief executive of Jean-Louis Servranck said: “With backlog of $6 billion and strong demand for Aecon’s services, Aecon is well-positioned to achieve revenue growth commencing in 2025 and over the next few years.

“We continue to be focused on embracing opportunities linked to the energy transition and in select US and international markets, while pursuing and delivering the majority of our work in established markets and under more collaborative project delivery models.

“We are also focused on making strategic investments in our operations to support access to new markets and increase operational effectiveness.”

Revenue for the three months ended September 30, 2024 of $1,275 million was $36 million, or 3 per cent, higher compared to the same period in 2023.

Operating profit in the Concessions segment of $4.7 million for the quarter was lower by $148.0 million compared to the same period in 2023.

The company said in the balance of the Concessions segment, operating profit decreased by $8.9 million.

Reported operating results from the Skyport operations in 2024 were also negatively impacted by the 49.9 per cent reduction in Aecon’s ownership interest in Skyport and from the use of the equity method of accounting in 2024 where operating results for Aecon’s interest in Skyport were also reported net of financing costs and income taxes.

This contributed to lower period-over-period operating profit results from the ongoing operations at Skyport.

Operating profit in the segment was also impacted in the period by the resultant decrease in management and development fees from the balance of the concessions operations.

• For the full results, clickhere