Multiplan Gains Most in 5 Months as Earnings Beat Estimates

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.

To contact the reporter on this story: Ney Hayashi in Sao Paulo at

To contact the editor responsible for this story: David Papadopoulos in New York at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.