MEXICO CITY, March 27 Mexico's cash-strapped
construction company ICA said on Monday that it posted
a net profit of 827 million Mexican pesos (US$43.82 million) in
the fourth quarter of 2016, compared with a 16.5 billion peso
loss in the fourth quarter of 2015.
ICA, which is struggling under a high dollar-denominated
debt load, said it was still focused on restructuring its debt
and was preparing to negotiate with its creditors.
Net profit was boosted by a 43 percent increase in sales in
the fourth quarter to 5.82 billion pesos.
Total consolidated debt eased 1 percent to 66.8 billion
pesos at the end of December 2016 after the company paid off
loans to Santander, Deutsche Bank, Barclays and Value that were
backed by shares of airport operator Grupo Aeroportuario Del
Centro Norte (OMA), ICA said.
($1 = 18.8730 Mexican pesos)
(Reporting by Anthony Esposito)