Mexican homebuilder Urbi posts loss in first quarter

Sun Apr 28, 2013 4:08pm EDT

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* Urbi records loss of 1.338 billion pesos
    * Sales slump 85 percent to 468 million pesos

    MEXICO CITY, April 28 (Reuters) - Mexican homebuilder Urbi
 posted a 1.338 billion peso ($108.5 million) loss in
the first quarter as sales collapsed, debt payments weighed and
derivatives bets soured.
    Sales fell 85 percent to $468 million pesos from $3.066
billion in the year ago period, the company said in an e-mailed
statement on Saturday. The company's official filing with the
Mexican stock exchange was not yet available on Sunday.
    The quarterly loss compared to a profit of 563 million pesos
in the same period last year. The company said financing costs
surged and losses on derivatives positions more than doubled
compared to last year in the first quarter to 921 million pesos.
    Urbi missed a bond coupon payment earlier this month,
invoking a 30-day grace period. The company said it would
receive a report from financial advisor Rothschild on a
potential debt restructuring in the coming weeks.
    The company's stock, which sank to a record low at the end
of last week, has fallen more than 90 percent in the last two
years to close at 1.95 pesos on Friday.


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