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Mirgor Rallies to Record After Profit Surges: Buenos Aires Mover

March 8 (Bloomberg) -- Mirgor SACIFIA, an Argentine producer of vehicle air-conditioning systems, rose to a record after reporting an 85 percent increase in net income.

Mirgor advanced 5.3 percent to 108.95 pesos at the close in Buenos Aires, a record price. Volume was more than five times the average of the past three months.

Mirgor reported yesterday profit of 150 million pesos ($29.6 million) in 2012. That compares with 81.2 million pesos in the prior year, according to data compiled by Bloomberg.

“The results were really good,” Adrian Mayoral, a trader and analyst at Buenos Aires-based brokerage Mayoral Bursatil, said in an interview. “It isn’t a very liquid stock so that explains the jump today.”

Mirgor’s shares have gained 52 percent in 2013, compared to a 17 percent increase for the benchmark Merval index.

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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