Anhanguera Rises After Quarterly Profit Triples: Sao Paulo Mover
Anhanguera Educacional Participacoes SA (AEDU3), Brazil’s largest education company by market value, rose the most in 10 weeks after reporting that second-quarter profit tripled.
Shares gained 3.6 percent to 30.25 reais at the close of trading in Sao Paulo, the steepest one-day advance since May 29. The Bovespa Small Cap index jumped 1.4 percent.
Adjusted net income climbed to 24.6 million reais ($12.2 million) in the three months through June from 8.02 million reais a year ago, Anhanguera said in a regulatory filing today. Analysts had expected a profit of 20.6 million reais, according to the average of six estimates compiled by Bloomberg.
“We expected Anhanguera to report solid results as the number of students rose, but this income increase came above our forecast,” Luis Fernando Azevedo, an analyst at investment bank Bradesco BBI, said by telephone from Sao Paulo.
Anhanguera has gained 50 percent this year while the Bovespa Small Cap index rose 14 percent in the same period. Competitor Kroton Educacional SA (KROT3) surge 70 percent and Estacio Participacoes SA (ESTC3) added 47 percent.
To contact the reporter on this story: Denyse Godoy in Sao Paulo at firstname.lastname@example.org
To contact the editor responsible for this story: David Papadopoulos at email@example.com