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UPDATE 1-Mexico's Urbi net up 8.5 pct in first quarter

Tue Apr 28, 2009 10:28pm EDT

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(Adds earnings details, share price)

Stocks  |  Mexico

MEXICO CITY, April 28 (Reuters) - Mexican home-builder Urbi (URBI.MX) posted an 8.5 percent rise in first-quarter net profit to 362.4 million pesos ($26 million) as it cut costs to increase cash flows, according to a filing with the Mexican stock exchange.

Revenues grew only by 0.2 percent to 2.63 billion pesos.

After six years of explosive growth in mortgage lending and home construction in Mexico, the global credit debacle has led to tighter conditions for builders that need credit to finance building.

Mexicali-based Urbi announced last month a plan to cut its home construction projects by 25 percent as a cost-cutting measure.

Shares in the company gained 0.49 percent on Tuesday to close at 14.35 pesos per share. ($1 = 14.21 as of end-March) (Reporting by Cyntia Barrera Diaz; Editing by Muralikumar Anantharaman)

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