Empresas fka ICA

[chmcnfunds]

ICA loses 2,082 million pesos in the quarter and decides to sell assets
The depreciation of the peso in the fourth quarter of 2014 affected the Mexican construction; the company expects to sell assets for at least 5,000 pesos to reduce debt.

Friday, February 27, 2015 at 10:21

The company expects an increase of between 10-12% revenue growth this year.

MONTERREY (Reuters) - ICA reported a net loss of 2,082,000 pesos ($ 141 million) for the fourth quarter of 2014, compared with a profit of 520 million pesos in the same period of 2013.

Mexico's largest construction company also said it will seek to sell assets to reduce debt, after the strong net loss for the period referred because the depreciation of the Mexican peso.

"ICA also expected to monetize assets for a minimum amount of 5,000 million pesos in 2015. Most of the resources are allocated to debt reduction," said in its financial report.

The company also expects an increase of between 10-12% revenue growth this year.

He said sales grew 42% thanks to new contracts and the incorporation results of a company it bought last year in the US, but the gains were offset by a high financial cost derived from exchange losses.

The Mexican peso depreciated 9.8% against the dollar during the quarter, the company generated an exchange loss of 2.845 million pesos compared to a loss of 191 million pesos in the same period last year.

ICA said it expects to sell assets for at least 5,000 million pesos allocated primarily to reduce debt, which closed at 53.779 million pesos, but gave no details.

The manufacturer also expects new contracts and boost overseas business revenue this year.

-works State procurement process and new contracts-ICA closed at 35.545 million pesos, 16% more than in 2013.

The company shares on the Mexican Stock Exchange gained 0.86% to 13.93 pesos per share at 10:26 hours.

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http://www.cnnexpansion.com/negocios/2015/02/27/ica-tiene-una-perdida-de-2082-mdp-en-el-cuarto-trimestre

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