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Empresas ICA Net Income Tumbles 61% Without Year-Ago Gains

Oct. 26 (Bloomberg) -- Empresas ICA SAB, Mexico’s largest construction company, said third-quarter net income tumbled 61 percent from the same period last year, when gains from the sale of three highways boosted results.

Net income slid to 351 million pesos ($27 million), the Mexico City-based company said in a statement after markets closed today. Revenue climbed 7.9 percent to 12.3 billion pesos, in line with the average estimate of 12.2 billion pesos of five analysts surveyed by Bloomberg.

Two Mexico City highway projects and a subway line were the largest revenue contributors to the construction business in the quarter, ICA said. The backlog of projects reached 42.5 billion pesos, up 7.8 percent from a year earlier and 2.3 percent higher than on June 30.

Adjusted earnings before interest, taxes, depreciation and amortization, a profit measure known as Ebitda, fell 12 percent to 1.7 billion pesos. Excluding a gain of 440 million pesos from the sale of two Mexican highways to an affiliate last year, adjusted Ebitda would have increased 14 percent.

Net income in last year’s third quarter also included a gain of 1.37 billion pesos from the sale of the Corredor Sur highway to the Panamanian government.

ICA’s third-quarter financing costs fell 93 percent to 142 million pesos as the company posted a foreign exchange gain of 686 million pesos, compared with a loss of 1.46 billion pesos a year earlier.

The company’s shares were unchanged at 28.38 pesos at the Mexico City close, before earnings were released. ICA has risen 68 percent this year, the second-largest gain on the benchmark IPC index of 35 Mexican stocks after Grupo Financiero Banorte SAB, the nation’s third-largest lender.

To contact the reporter on this story: Brendan Case in Mexico City at bcase4@bloomberg.net

To contact the editor responsible for this story: Ed Dufner at edufner@bloomberg.net

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