UPDATE 1-Mexico's Urbi shares fall nearly 10 pct on weak report

Thu Feb 28, 2013 2:19pm EST

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MEXICO CITY Feb 28 (Reuters) - Shares of Mexican homebuilder Urbi fell nearly 10 percent on Thursday, as investors sold off stock after the company reported a lower fourth-quarter profit.

The company reported a 63 percent drop in fourth-quarter profit after the market closed on Wednesday, due to a slump in sales and higher financing costs.

On its analysts' call, the company said it is moving ahead with plans to refinance its debt.

Mexican homebuilders have suffered as a result of a change in government housing policy aimed at combating urban sprawl that many see as harmful to companies like Urbi.

Urbi shares, which have fell about 43 percent since the start of the year, were down 9.87 percent on Thursday at 4.29 pesos.

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