MONTERREY, Jan 20 (Reuters) - Mexican homebuilder Consorcio ARA said on Tuesday it expects 2015 revenue to rise 10 percent as the country’s bruised construction sector begins to improve.
Mexico’s homebuilder industry has suffered in recent years after failing to adapt to changing consumer preferences and new government rules that prioritized the subsidy of urban high-rises over family homes far away from city centers.
Those changes eventually forced former market leaders Geo , Homex and Urbi to file for bankruptcy protection after they defaulted on their debt. The three companies, whose shares are suspended from trading on the local stock exchange, are trying to restructure their debt.
Separately, GEO said on Tuesday it had agreed a 315 million peso ($21.52 million) credit line to allow it to continue paying for day-to-day operations.
ARA said it hopes to report 2014 results on Feb. 24, adding that it expects them to be in line with the 8 percent revenue growth it has previously projected.
$1 = 14.6362 pesos Reporting by Gabriela Lopez; Editing by Leslie Adler