Mexico's Homex Sees 2009 Revenue Up 8%-10% In Tough Year
Wednesday December 3rd, 2008 / 0h27
MEXICO CITY -(Dow Jones)- Mexican home construction company Desarrolladora Homex (HXM) said Tuesday that it expects its sales to increase between 8% and 10% next year, in what is expected to be a difficult year for the industry. Culiacan-based Homex, one of Mexico's biggest homebuilders, is basing its outlook on expectations that the government-supported low-income housing market will remain buoyant despite tighter conditions for credit markets. Homex noted a slowdown in lending by banks and mortgage companies, limiting growth for homebuilders in the middle-income and high segments. "Despite the slowdown, the housing market will continue to create business opportunities for Homex," the company said in a press release. Much of lending for the low end of the housing market in Mexico comes from the government-run housing fund Infonavit, which aims to make 500,000 home loans next year, unchanged from 2008. The government housing development bank Sociedad Hipotecaria Federal, meanwhile, has secured $3.5 billion in credit lines from the World Bank and the Inter-American Development Bank to support mortgage lenders and the market for mortgage-backed securities. "We believe the housing industry in Mexico will continue to benefit from pent-up demand for affordable entry-level homes supported by mortgage availability for this segment," said Homex, which sold 39,000 homes in the first nine months of this year. Also Tuesday, the company named Carlos Moctezuma as chief financial officer, replacing Alan Castellanos. Moctezuma has been at Homex for nearly five years, most recently as investor relations officer. Homex shares trading on the Mexican Stock Exchange rose 6.1% Tuesday to 38.26 pesos ($2.81). -By Anthony Harrup, Dow Jones Newswires; (5255) 5001 5727, anthony.harrup@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=fDjuAqlm0iAcgxiQvEfs%2Bg%3D%3D. You can use this link on the day this article is published and the following day.
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