Oma Climbs Most in Month on Profit Pickup: Mexico City Mover
Grupo Aeroportuario del Centro Norte SAB, the operator of airports in northern Mexico, gained the most in a month after fourth-quarter profit beat forecasts and the company diversified its revenue.
The shares rose 4.9 percent to 26.79 pesos in Mexico City, the biggest advance since Jan. 10. The benchmark IPC index of 35 Mexican stocks fell 0.2 percent. The IRT Small (IRTSMALL) Capitalization index, of which the airport operator is a part, dropped 0.4 percent.
Net income for Oma, as the Apodaca, Mexico-based company is known, climbed 26 percent to 231 million pesos ($17.9 million) in the fourth quarter on 774 million pesos in sales, according to a statement sent yesterday after markets closed. The figure beat Banco Santander SA’s forecast for profit of 168 million pesos. Non-aeronautical revenue, including renting restaurant and car rental spaces in airports, increased 18 percent in the period, adding to a pickup in terminal traffic.
“They’re diversifying their strategy so as not to depend so much” on passenger flow, said Aldo Miranda, a trader at Intercam Casa de Bolsa SA, which manages about 1 billion pesos in equities. Intercam had forecast profit of 147 million pesos on 700 million pesos of sales.
Adjusted earnings before interest, taxes, depreciation and amortization, a measure of profit known as Ebitda, rose 51 percent to 342 million pesos.
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