MONTREAL - IT services company CGI Group Inc. (TSX:GIB.A) says its first-quarter revenue more than doubled to $2.53 billion, up 147.5 per cent from a year earlier.
The explosive revenue growth was due largely to the Montreal-based company's acquisition of U.K. information technology provider Logica PLC.
However, the $2.7-billion Logica acquisition raised CGI's costs and reduced its profit for the first quarter of its current financial year.
CGI's net income was $22.4 million or seven cents per share, after including $153.4 million of costs related to the takeover.
On an adjusted basis, CGI reported 44 cents per share of earnings for the quarter.
A year earlier, CGI's net income was $106.5 million or 40 cents per share, with $1.03 billion of revenue.