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Mexican ICA third-quarter net profit rises sharply on higher revenue and sales of concessions in Panama and Mexico

Friday, October 28, 2011

Mexican construction company Empresas ICA said its net profit rose sharply in the third quarter as proceeds from the sale of a highway project in Panama combined with higher revenue and increased operating income.

ICA reported consolidated net profit of 965 million pesos ($69.6 million) in the July-September quarter, up from 135 million pesos in the like 2010 period.

The sale of the Corredor Sur road project in Panama generated an after-tax gain of 1.37 billion pesos, ICA said.

Original source: Dow Jones