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Mexican homebuilders Urbi, Geo postpone filing 2nd-qtr results
July 25, 2013 / 8:19 PM / 4 years ago

Mexican homebuilders Urbi, Geo postpone filing 2nd-qtr results

MEXICO CITY, July 25 (Reuters) - Mexican homebuilders Urbi and Geo on Thursday postponed filing their second-quarter earnings reports, citing the need to restructure debt.

Urbi gave no time frame for when it would post quarterly results, saying it required more time to restructure its debt and digest a recent change in government subsidies to the homebuilders.

Geo, Mexico’s biggest homebuilder, said in a filing it hoped to present its results on Aug. 22, saying it too was working on restructuring its debt. The deadline for second-quarter earnings filings is Friday.

Mexico’s government announced last month that it would offer the homebuilders 1.5 billion pesos ($115 million) in additional housing subsidies, a 25.9 percent boost from what has already been allocated this year to help the industry.

Geo, Homex and Urbi, Mexico’s three largest homebuilders, are facing a liquidity crunch and seeking to restructure debt.

Shares of Urbi fell 6.55 percent to 1.57 pesos per share, while Geo stock was down more than 8 percent at 2.89 pesos per share.

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