February 29, 2016 / 10:56 PM / in 3 years

Mexico's OMA sees fourth-quarter earnings surge

MEXICO CITY, Feb 29 (Reuters) - Mexico’s Grupo Aeroportuario Centro Norte, known as OMA and partially owned by embattled construction firm ICA, saw its fourth-quarter net income rise 40 percent to 396 million pesos ($23 million), the airport operator said on Monday.

Its net income reached just 284 million pesos in the year-earlier period.

The airport operator saw revenue climb 24 percent to 1.3 billion pesos ($71.4 million) from 992 million in the fourth quarter of 2014.

ICA, which defaulted on $60 million in interest rate payments after a crash in the peso made its hefty dollar-denominated debt load more expensive, owns just over 17 percent of the company.

Banks like Germany’s Deutsche Bank have sold millions of shares of OMA that were pledged as collateral for loans to the embattled construction giant.

$1 = 17.2120 pesos at end-December Reporting By Alexandra Alper and Gabriela Lopez; Editing by Cynthia Osterman

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