- The Airports and Concessions segments grew 21% and 5%, respectively over the same period in the prior year.
- Construction revenues in Mexico began stabilizing. The decrease in revenues of 34% versus 1Q16 was less than the 66% drop versus 2Q15 and principally due to the slowdown in Facchina's U.S. projects.
- Ps. 2,999 million net loss generated principally as a result of the effect of a Ps. 1,675 million foreign exchange conversion loss.
- Comprehensive backlog was Ps. 58,630 million at June 30, 2016, of which Ps. 28,685 million corresponds to ICA's participation in non-consolidated affiliates and joint ventures.
- The company continues to focus on its operating restructuring process. For the year to date, the company has reduced cost and expenses by 50%.
|Consolidated Results||6 months|
|Ps. million||2Q15||2Q16||% Chg||2015||2016||% Chg|
|Consolidated Net Loss||(357||)||(2,999||)||(741||)||(1,065||)||(4,100||)||(285||)|
|Net Income (Loss) of Controlling Interest||(567||)||(3,357||)||(492||)||(1,413||)||(4,727||)||(235||)|
|Adjusted EBITDA Margin||18.5||%||18.1||%||20.3||%||20.5||%|
Total cash was Ps. 6,949 million at June 30, 2016. The 16% total cash reduction was principally generated in non-restricted cash which decreased from Ps. 3,997 million in June 2015 to Ps. 2,946 million in June 2016.Comprehensive backlog Comprehensive backlog, including ICA's share of backlog of unconsolidated affiliates and joint ventures, reached Ps. 58,630 million at June 30, 2016, a decrease of Ps. 2,127 million compared to March 2016 and a decrease of Ps. 5,913 million compared to December 2015. Consolidated backlog was Ps. 29,897 million, down Ps. 1,232 million compared to last quarter. Total backlog of non-consolidated affiliates and joint ventures (principally at ICA Fluor) decreased Ps. 1,802 million to Ps. 60,452 million, of which ICA's proportional share was Ps. 28,685 million at June 30, 2016. http://www.globenewswire.com/NewsRoom/AttachmentNg/fadec7ac-2db2-4131-822f-b2154bcf110a Reduction in Costs and Expenses From January 2015 to July 2016, the workforce has decreased 54%. In the same period, cost and expense has been reduced by 50%. This efficiency of resources has permitted the company to maintain at close of 2Q16 an EBITDA margin of 20.5%, similar to the 20.3% reported for 2Q15. Financial and Operational Restructuring Activities ICA is currently focused on the consolidation of its operational restructure and ensuring the long term continuity of the business in order to be in the position to define its financial restructuring plan. Subsequent Events On May 27, 2016, the company, together with its partners in the consortium, presented a mercantile lawsuit against the Government of Mexico City (GDF) before the Mexico City courts, in order to recover the totality of the debt owed the consortium by the GDF for the construction of Line 12 of the Mexico City Metro, including additional and extraordinary works, maintenance, and rehabilitation, without waiving any of its other claims or existing lawsuits. As a result of the anticipatory termination of the TEC II Lazaro Cardenas Container Terminal, the company and the client are in the arbitration phase, in which the company continues to assert its rights in the dispute regarding this project.
For more information, contact:Christianne Ibánez firstname.lastname@example.org@ica.mx+(5255) 5272 9991 x 3607Pablo Garcíapablo.email@example.com Chief Financial Officer