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Mexico’s Empresas ICA focusing on restructuring, announces results
By Caroline Salls
Pittsburgh, Aug. 26 – Empresas ICA, SAB de CV is focused on the consolidation of its operational restructuring and ensuring the long-term continuity of its business in order to be in the position to define its financial restructuring plan, according to a company news release.
Empresas ICA reported Ps. 957 million of adjusted EBITDA for the quarter ended June 30 on Ps. 5,281,000,000 in revenue. Those figures declined from Ps. 1,671,000,000 in adjusted EBITDA for the second quarter of 2015 on Ps. 9,047,000,000 in revenue.
According to the release, the reduction in revenue was principally the result of the termination of foreign projects.
The company said its consolidated net loss was Ps. 2,999,000,000 in the second quarter, mostly because of a foreign exchange conversion loss and the decrease in revenue related to the slowdown in specified projects.
Adjusted EBITDA for the first six months of 2016 was Ps. 2,336,000,000, down from Ps. 3,762,000,000 for the first six months of 2015. Revenue for the first half of this year declined to Ps. 11,389,000,000 from Ps. 18,548,000,000 in the first half of last year.
So far in 2016, Empresas ICA said it has reduced its cost and expenses by 50%.
Total cash was Ps. 6,949,000,000 at June 30.
Based in Mexico City, Empresas is an infrastructure and construction company.
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