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Empresas ICA Announces Unaudited Third Quarter 2015 Results
MEXICO CITY, Oct. 28, 2015 (GLOBE NEWSWIRE) -- Empresas ICA, S.A.B. de C.V. (BMV:ICA) (NYSE:ICA), the largest infrastructure and construction company in Mexico, announced today its unaudited results for the third quarter 2015, which have been prepared in accordance with International Financial Reporting Standards.
Summary for the third quarter of 2015
ICA's third quarter results reflect the condition of the Mexican economy, especially in the civil construction area, and the increase in financial expense from depreciation of the peso against the dollar. The Concessions, Airports, and ICA Fluor divisions generated strong results, which were offset by the results of the Construction division. The large exchange loss was principally responsible for ICA's net loss in the quarter. In 3Q15, total revenues decreased 3% compared to 3Q14, with an Adjusted EBITDA margin of 15.5%.
The performance of concessioned infrastructure was a significant factor in the quarter. Auto traffic on operating highways grew 12%, and air traffic volumes grew 16% compared to the same period of 2014.
At the same time, comprehensive backlog remained strong at Ps. 56,072 million as of September 30, 2015. Most additions came from international operations and ICA Fluor.
ICA's priority is the generation of cash from operations and capital recycling transactions in order to reduce leverage and preserve liquidity. In 3Q15, ICA generated resources totaling Ps. 1,915 million from the sale of real estate assets and 2.9% of OMA's shares. The total resources generated in the first nine months reached Ps. 5,035 million, including the Ps. 3,120 million generated in the first half of the year. These resources were used principally to pay short-term and dollar-denominated debt. During the final quarter of 2015, ICA expects to generate approximately Ps. 2,000 million more through additional capital recycling transactions, in accordance with the business strategy.
Conference Call Invitation
This press release contains projections or other forward-looking statements related to ICA that reflect ICA's current expectations or beliefs concerning future events. Such forward-looking statements are subject to various risks and uncertainties and may differ materially from actual results or events due to important factors such as changes in general economic, business or political or other conditions in Mexico, Latin America or elsewhere, changes in capital markets in general that may affect policies or attitudes towards lending to Mexico or Mexican companies, changes in tax and other laws affecting ICA's businesses, increased costs, unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms and other factors set forth in ICA's most recent filing on Form 20-F and in any filing or submission ICA has made with the SEC subsequent to its most recent filing on Form 20-F. All forward-looking statements are based on information available to ICA on the date hereof, and ICA assumes no obligation to update such statements.
Empresas ICA, S.A.B. de C.V. is Mexico's largest infrastructure company. ICA carries out large-scale civil and industrial construction projects and operates a portfolio of long-term assets, including airports, toll roads, water systems, and real estate. Founded in 1947, ICA is listed on the Mexican and New York Stock exchanges. For more information, visit http://ir.ica.mx .
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