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Aecon Group Inc. is raising its quarterly dividend 10 per cent after reporting record revenues last year but weaker fourth-quarter results.

The Toronto-based construction firm will pay 16 cents per share on April 2, up from 14.5 per cent previously.

Aecon says it earned $20.2 million or 31 cents per diluted share for the three months ended Dec. 31, compared with $27.9 million or 41 cents per share a year earlier.

Revenues decreased 3.3 per cent to $917.3 million.

The company was expected earn 32 cents per share on $934.6 million in revenues, according to financial markets data firm Refinitiv.

For the full year, it earned $72.9 million or $1.12 per diluted share on a record $3.46 billion in revenues. That’s up from $59 million or 94 cents per share on $3.27 billion in 2018. Analysts expected $1.14 per share in earnings on $3.49 billion of revenues.

Excluding the contract mining business sold in November 2018, revenues grew 13 per cent instead of six posted Tuesday.

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