Bonds News

UPDATE 1-Mexico's ICA reports $79 million loss as sales plunge

(Adds reasons for loss, share price, background)

MEXICO CITY, May 26 (Reuters) - Losses at embattled Mexican construction firm ICA widened 62 percent in the first quarter from the same period last year to 1.37 billion pesos ($79.2 million), as revenue dropped steeply, the company’s results showed on Thursday.

In the first three months of 2015, the company reported a loss of 846 million pesos. ICA lost 10.591 billion pesos ($615 million) in the fourth quarter of 2015.

ICA, which has not posted a profit since 2013 and has defaulted on millions of dollars of debt payments, said in a filing that revenue for the quarter was 6.1 billion pesos, down from 9.5 billion pesos in the first quarter of last year.

The company said revenue from its construction business, its main concern, fell 49 percent from the same period last year.

“Currently the company is focusing its efforts in defining a financial restructuring plan,” ICA said.

ICA has struggled with a hefty dollar-denominated debt load and insufficient new work.

Reuters reported in April that the company plans to file a pre-packaged bankruptcy for some of its units, exit its international business and sell its homebuilding operations as it seeks to restructure.

ICA shares ended the day up 3.47 percent at 2.09 pesos per share before the results were published.

$1 = 17.29 pesos at end of March Reporting by Mexico City Newsroom; Editing by Cynthia Osterman