October 29, 2015 / 12:27 AM / 4 years ago

UPDATE 1-Losses at Mexico's ICA triple in 3rd quarter

(New throughout, adds details from report)

MEXICO CITY, Oct 28 (Reuters) - The net loss at Mexico’s ICA more than tripled in the third quarter from the same period a year earlier to 2.507 billion pesos ($148 million), hit by rising financing costs caused by the weak peso, the construction company said on Wednesday.

In the third quarter of 2014, ICA posted a net loss to shareholders of 769 million pesos.

The company also cited economic conditions in Mexico, where growth is again on track to fall short of the government’s original forecast.

ICA’s net sales declined by 3 percent in the July-September period to 8.486 billion pesos, while sales costs went up by 5 percent to 7.003 billion pesos, the company said.

The company’s net debt now stands at 51.15 billion pesos, or 9 percent higher than it was at the end of 2014, partly due to the peso’s decline against the dollar, the company said.

By the end of the third quarter, the peso had fallen by more than 25 percent against the dollar from the same period a year earlier, according to Reuters data.

$1 = 16.9330 pesos at end-September Reporting by Mexico Newsroom; Editing by David Gregorio

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