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CII - One-offs boost 4Q & 2012 results - Earnings Flash

CII came out with its 4Q results on Feb 9th. Profits from toll fee projects remained unchanged yoy, but a decline in financial expense drove its net profit up by 133% yoy. FY12 full year net profit beat the company’s target by 33%, thanks to profits on disposal of a water project and reversal of a provision. Our sell recommendation remains unchanged.