• Most Popular
  • Most Shared

Mexico's Urbi to reduce home starts, boost buyback

Wed Mar 25, 2009 8:35pm EDT

Stocks

   

MEXICO CITY, March 25 (Reuters) - Mexican homebuilder Urbi said on Wednesday it would build fewer houses than previously planned and increase its share buyback plan to deal with the difficult economy in Mexico.

Urbi (URBI.MX) said in a statement it would reduce the number of homes it would build this year by up to 25 percent to maximize its free cash flow, allowing it to boost its stock buyback plan by 3 billion pesos ($210 million).

The measures should boost Urbi's free cash flow to 2.0-2.5 billion pesos this year from 1 billion pesos as previously forecast. The company's debt levels will remain unchanged, Urbi said.

The larger share buyback plan envisages the purchase and cancellation of 15 to 18 percent of the company's shares, Urbi said. (Reporting by Robert Campbell; editing by Richard Chang)



More from Reuters

A boy looks for recyclable items in the polluted waters of the Yamuna river in New Delhi December 9, 2009. REUTERS/Rupak De Chowdhuri

U.N. Climate Change Conference

Welcome to our live coverage of the U.N. Conference on Climate Change. This is your space to respond to our panalists and voice your views on the events at COP15.  Full Coverage 

    Discovery Communications Wellness Center medical technician Charline Faison notes patient medical information during an appointment at the clinic in the Discovery Communications headquarters buildingin Silver Spring, Maryland December 3, 2009. Credit: REUTERS/Jim Bourg

    House calls at the office

    Companies like Discovery say they've found a way to save millions in annual health insurance costs and provide better healthcare for their employees.  Full Article 

    Healthcare Reform
    Felix Salmon

    The banking revolution?

    A couple of firms you've probably never heard of have a few ideas that could revolutionize the broken consumer banking system, says Felix Salmon.  Full Article 

    Felix Salmon