Feb. 28 (Bloomberg) -- Desarrolladora Homex SAB, Mexico’s largest homebuilder by sales, fell the most in three years after sales last year missed the company’s own estimates.
Shares fell 11.9 percent to 38.67 pesos at 3 p.m. Mexico City time, the biggest decline since November 2008. The benchmark IPC index of 35 Mexican stocks rose 0.6 percent.
Sales last year climbed 10.5 percent to 21.7 billion pesos ($1.7 billion), the Culiacan, Mexico-based company said in a statement yesterday. It had projected sales growth of 12 percent to 14 percent. Fourth-quarter net income fell 39 percent to 253.7 million pesos.
Investors are concerned that Homex fell short of its estimate and “the sector in general isn’t meeting projections,” said Enrique Mendoza, an analyst with Intercam Casa de Bolsa SA in Mexico City. “There’s disenchantment and there’s fear.”
The Habita index of Mexican homebuilders fell 6.6 percent.
The loss today was “exaggerated,” because the report also contained positive data, including signs of improvement in working capital, Mendoza said.
The so-called working capital cycle, or the speed at which a company sees return on initial investments, was shortened to 645 days in the period compared with 652 days in the fourth quarter of 2010, Homex said in the statement.
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