Brazilian real-estate developer Multiplan Empreendimentos Imobiliarios SA (MULT3) headed to its biggest advance in almost five months after posting better-than-forecast first-quarter earnings.
Multiplan, Brazil’s second-biggest mall operator by market value, jumped 3.8 percent to 34.49 reais at 2:30 p.m. New York time, after earlier rising 4.9 percent, the most on a closing basis since Dec. 21. The Bovespa index gained 0.1 percent to 64,680.27.
“Multiplan shares offer a short-term buy opportunity, given better-than-expected first-quarter results” and a “more benign outlook for pre-operational expenses for 2011,” wrote Fanny Oreng and Carlos Peyrelongue, analysts at Bank of America Corp., in a note to clients.
The company reported first-quarter net income of 64 million reais ($40 million), a 34 percent increase from a year before, according to a regulatory filing. Bank of America and Bradesco Corretora had forecast net income of 61 million reais and 58 million reais, respectively.
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