MEXICO CITY, July 26 Mexican construction
company ICA reported a 500.9 million peso ($38.6
million) net loss in the second quarter due to a weaker peso and
higher financing costs, the company said in a filing with the
Mexican stock exchange on Friday.
The company reported 8.21 billion pesos in revenue for the
quarter, down 13 percent compared with the year-earlier period.
Construction revenue tumbled 35 percent to 4.61 billion
ICA said its financing costs rose to 2.46 billion pesos
during the quarter, more three times the amount the company paid
in the second quarter of 2012, due to the depreciation of the
peso and higher debt.
Earlier in the month, ICA Chief Executive Alonso Quintana
said the company will still take part in an expected windfall of
up to $70 billion annually in new Mexican government
The company's credit rating was downgraded further into junk
status in May as some of its existing projects have been slow to
ICA's shares closed 1.86 percent lower at 23.80 pesos before
the company reported its second-quarter results.