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UPDATE 1-Mexican homebuilder Homex posts 3.5 bln peso loss during Q3 2013
November 9, 2013 / 12:45 AM / 4 years ago

UPDATE 1-Mexican homebuilder Homex posts 3.5 bln peso loss during Q3 2013

MEXICO CITY, Nov 8 (Reuters) - Mexican homebuilder Homex on Friday posted a 3.515 billion peso loss ($267 million) during the third quarter, the company said in a delayed filing with the Mexican stock exchange.

The loss compares to a net profit of 436 million pesos during the same period last year.

Homex’s third-quarter revenues came in at nearly 103 million pesos ($7.8 million), down nearly 99 percent compared with revenues during the year-earlier period, the company said.

Underscoring the company’s deep slide, Homex sold only 92 homes during the quarter, compared with more than 12,500 sold during the same quarter last year.

The Culiacan-based Homex has been struggling to meet heavy debt payments as sales of its new homes have slowed to a trickle.

Homex, alongside fellow troubled homebuilders like Geo and Urbi, was dropped from Mexico’s benchmark IPC stock index after failing to file their second-quarter results in a timely manner.

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