UPDATE 1-Mexico's Homex 1st-qtr net profit jumps 87.4 pct
(Adds details)
MEXICO CITY, April 26 (Reuters) - Mexican home builder Homex posted an 87.4 percent jump in first-quarter net profit on Thursday, benefiting from a nationwide housing boom.
Homex (HXM.N)(HOMEX.MX), one of the biggest companies in its sector, said its January-to-March net profit was 454.9 million pesos ($41 million), up from 242.7 million pesos a year ago.
Revenue rose 20 percent to 2.9 billion pesos, and EBITDA
(earnings before interest, taxes, depreciation and amortisation) climbed 54.9 percent to 832.9 million pesos.
Construction companies like Homex have grown quickly in recent years amid improved economic stability in Mexico and a greater availability of mortgages. President Felipe Calderon, who began his 6-year term in December, has promised to push for even faster growth in the housing sector.
Homex said it sold 9,761 homes in the first quarter for an average price of 361,000 pesos, a rise of 16.3 percent from the year-ago period. It said it expected to start operations in five new Mexican cities during the rest of 2007.
($1 = 11.044 pesos at end March)
((Editing by Richard Chang; Mexico City newsroom; Reuters Messaging: chris.aspin.reuters.com@reuters.net +52 55 5282-7153)) Keywords: HOMEX EARNINGS/
(C) Reuters 2007. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.nN26194451
