ICA net income shoots up 613% on sale of tollroads

- Thursday, October 27, 2011

ICA net income shoots up 613% on sale of tollroads

Mexican construction firm ICA (BMV, NYSE: ICA) posted a 613% rise in net income in the third quarter of this year, earning 965mn pesos (US$73.1mn) compared with 135mn pesos in 3Q10.

The results were boosted by the completion of the sale of the Corredor Sur expressway in Panama and the transfer of two public-private partnership (PPP) highways to affiliate RCO, ICA said in its quarterly earnings report.

The firm's concessions division posted revenues of 774mn pesos, a 43% jump compared with 543mn pesos in 3Q10. The increase stemmed from the Querétaro-Irapuato highway PPP, which was not operational in the prior-year period.

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Total revenues grew 22% in the quarter to 11.4bn pesos, while operating income climbed 117% year-on-year to 1.3bn pesos.

Ebitda for the quarter was 1.94bn pesos, growing 70% over 3Q10.

For ICA's full results report, go to this link