UPDATE 1-Mexico's ICA quarterly profit up fivefold

Mon Feb 28, 2011 9:55am EST

* Q4 profit 320 mln pesos vs year-earlier 62 mln pesos

* Revenue up 8.3 pct to 9.15 billion pesos

MEXICO CITY Feb 28 (Reuters) - Mexico's top construction group, ICA (ICA.MX) (ICA.N), posted a fivefold jump in fourth-quarter profit on Monday, helped by lower taxes.

The company earned 320 million pesos ($26 million), up from 62 million pesos in the same period last year, ICA said in a filing with the Mexican stock market.

ICA had a tax refund of 94 million pesos in the quarter. A year earlier, its tax bill swallowed almost all of its pre-tax earnings.

Revenue rose 8.3 percent to 9.15 billion pesos.

ICA, which is participating in the expansion of the Panama Canal, is a major beneficiary of the Mexican government's infrastructure spending, which is likely to pick up ahead of 2012 presidential elections.

Chief Financial Officer Alonso Quintana has said ICA is considering bidding on roads and highways, an aqueduct, and two ports, although the company has yet to decide if it will bid alone or with other partners for these projects.

ICA shares were up 0.50 percent to 28.15 pesos in early morning trading. ($1=12.31 pesos at end Dec) (Reporting by Robert Campbell; editing by John Wallace)

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