Mexican homebuilder Urbi (URBI. MX) has recorded a 6% fall in fourth quarter net profit to 600 million pesos (US$46 million) because sales dropped and as financial costs increased.

According to the statement issued by the Urbi in a stock market filing, its sales in the quarter were 4.306 billion pesos, a fall of 2% as compared to the same period a year ago.

The company said, "We sold 13,988 homes during the quarter, 13 percent more than in the same quarter in 2008 but at lower prices."

Moreover, the company had sold 30% more very low-cost homes in the month of October- December and 47% less "lower-middle" homes, a category that is more costly.

However, earnings before interest, taxes, depreciations and amortization were 1.282 billion pesos in the quarter, an increase of 7% as compared to the same period in the last year.

After taking on more debt, Urbi's financial costs in the quarter were 48 million pesos, up from 13 million pesos in the fourth quarter of 2008.