Weekly Report - 3 March 2011 (WR-11-09)

MEXICO | End of year figures. Mexican companies released their 2010 end of year figures this week. The big winner appeared to be in the construction sector, while the big loser comes in the form of one of the country's leaders in the processed food sector. The civil engineering consortium, Ingenieros Civiles Asociados (ICA) reported a positive increase in its net present value (NPV) for 2010. ICA recorded a 36% increase in its NPV with respect to 2009, bringing the figure to M$1.2bn (US$99.5m) with net sales of M$34.9m (US$2.89m), a 13% year-on-year increase. Conversely, Gruma, the world's largest corn flour producer, closed off a negative year marked by the recent surge in global food prices and reported an NPV of MS$742m (US$61.8m), a 65% decrease from 2009. This as total revenue for the year showed an 8% decrease despite a 4% increase in overall sales. The trend could be set to continue in 2011 as President Felipe Calderón's announcement that his administration will look to invest in the development of Mexico's tourist infrastructure is a boon to the construction sector. Interestingly, Cemex the country's largest cement company announced that it is negotiating a deal to provide cement to Chinese companies.

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