Bloomberg News

Empresas ICA Posts Biggest Two-Day Advance in Three Years

October 28, 2011

(Updates price in second paragraph.)

Oct. 28 (Bloomberg) -- Empresas ICA SAB, Mexico’s largest construction company, surged to its biggest two-day gain in three years after reporting profit that exceeded forecasts.

The shares jumped 10 percent to 17.38 pesos today at the close of trading in Mexico City, bringing their advance over the past two days to 17 percent.

The company reported yesterday that third-quarter net income rose sevenfold from a year earlier to 905 million pesos ($69 million) on sales of 11.4 billion pesos. Deutsche Bank Securities Inc. had forecast profit of 693 million pesos on 9.9 billion pesos in revenue.

“We continue to expect ICA to benefit from the execution of backlog, new project awards, and the start-up of operations of several concessions next year,” Esteban Polidura, an analyst at Deutsche Bank in Mexico City, said in a report.

--With assistance from Jonathan J. Levin in Mexico City. Editors: Brendan Walsh, Richard Richtmyer

To contact the reporters on this story: Katia Porzecanski in New York at kporzecansk1@bloomberg.net;


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