May 2, 2011 / 2:40 PM / in 8 years

UPDATE 1-Mexico's ICA posts higher Q1 profit

* Q1 profit 293 mln pesos; yr ago 218 mln pesos

* Sees full-year revenue growth of 15 pct (Adds details on performance of business units)

MEXICO CITY, May 2 (Reuters) - Mexico’s top construction company, ICA, said on Monday its first-quarter profit rose by more than a third, helped by a pick-up in revenues from civil and industrial construction and its housing business.

ICA (ICA.MX) ICA.N earned 293 million pesos ($24.6 million) in the January through March period, up from 218 million pesos a year earlier.

Revenues climbed to 8.54 billion pesos, up 20 percent from 7.06 billion in the year earlier quarter.

The company, which has 10 projects including five highways under construction, said it expects full-year revenue to grow 15 percent from the year earlier.

ICA’s only business unit that did not report higher revenues was its airports division, where quarterly revenue was flat compared to last year.

The company, which is participating in the expansion of the Panama Canal, is a major beneficiary of the Mexican government’s infrastructure spending, which is expected to increase ahead of presidential elections in 2012.

ICA shares were up 0.6 percent at 28.60 pesos in local trading.

$1 = 11.8903 at end March Reporting by Elinor Comlay, editing by Dave Zimmerman

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