Mexico's Urbi posts 63 percent drop in Q4 profit

Thu Feb 28, 2013 12:03am EST

Related Topics

* Earnings fall to 293 million pesos

* Sales drop 40 percent, financing costs rise

MEXICO CITY Feb 27 (Reuters) - Mexican homebuilder Urbi reported a 63 percent fall in fourth-quarter profits on Wednesday due to a slump in sales and higher financing costs.

The company reported a profit of 293 million pesos ($23 million) compared to 797 million pesos in the October-December period in 2011, according to a press release posted on Urbi's website.

Urbi reported 303 million pesos in financing costs during the quarter compared to a financing gain of 114 million pesos in the year ago period.

Sales fell 40 percent to 3.045 billion pesos during the quarter compared to 5.092 billion in the year-ago period.