• Most Popular
  • Most Shared

UPDATE 1-Mexico's ICA 3rd-quarter net profit plunges 42 pct

Thu Oct 22, 2009 11:55am EDT

Stocks

   

(Adds details on results, stock quote)

MEXICO CITY, Oct 22 (Reuters) - Mexican construction company ICA posted a 42 percent drop in third-quarter net profit on Thursday, hurt by higher taxes, although it had solid sales growth.

ICA (ICA.MX)(ICA.N) earned 133.6 million pesos ($9.9 million) in the July-September period, compared with 232.3 million pesos in the year-earlier period.

A 277 percent increase in income taxes during the quarter from the year ago hit the bottom line.

Quarterly total sales rose 26 percent to 8.574 billion pesos, driven by the construction of big projects across the country, including dams, subway lines and toll roads, and the winning of concessions for future work.

ICA shares lost 1.16 percent to 34.18 pesos in morning trading. ($1=13.5035 pesos as of end-Sept) (Reporting by Cyntia Barrera Diaz; editing by Andre Grenon)



More from Reuters

Photo

Democrats reach deal on health bill

WASHINGTON (Reuters) - Senate Democratic healthcare negotiators said they agreed on Tuesday to replace a government-run insurance option with a scaled-back non-profit plan and would seek cost estimates on the deal.

» More Top News
File photo of snow covered Uhuru peak of the largest free-standing volcano in the world, Mount Kilimanjaro in Tanzania, taken on March 10, 2006. REUTERS/Neil Wallace
Postcards to Copenhagen:

Wish we weren't here

Mount Kilimanjaro's melting snow cap is one of many things forever altered by climate change. Here's a snapshot of a world dealing with environmental destruction.   Full Article 

Climate conference
People prepare to lower the body of one of the ministers killed in a blast from a suicide bomber last Thursday at Shamo Hotel in Somali's capital Mogadishu December 4, 2009. REUTERS/Feisal Omar
witness:

Scenes of a "slaughterhouse"

War is just about the only story to tell in Somalia. But when one reporter tried to cover an event reflecting positive change, violence reared its ugly head again.  Full Article 

World