* Net profit declines 2.6 pct
* Company reaffirms 2010 guidance
(adds home sales, accounting changes, stock quote)
MEXICO CITY, April 26 Mexican homebuilder Homex
HXM.N(HOMEX.MX) said on Monday its first-quarter net profit
was 188 million pesos ($15 million), down 2.6 percent from the
year-ago period following a change in accounting rules.
Revenues in the first quarter were 3.6 billion pesos, up 12
percent over the same quarter the year before.
Homex said it sold 9,777 houses during the quarter, down
slightly from 9,859 in the year ago as it concentrated on more
profitable niches in the social interest and medium-low
In the first quarter, Homex is beginning to report current
and past results using new accounting rules. Under the rules,
companies recognize revenues and costs when the homes they
build are legally transferred to customers. In the past,
companies including Homex based their results on the percentage
of completion of houses being built.
Homex reaffirmed its guidance of revenue growth between 12
percent and 14 percent this year and an EBITDA margin between
21 percent and 22 percent.
Homex shares ended down 0.37 percent at 64.30 pesos before
quarterly results were released.
(Reporting by Noel Randewich; editing by Carol Bishopric)