Corporacion GEO releases 2Q2010 revenue results

Corporacion GEO S.A.B. de C.V., Mexico’s leading low-income housing developer announced results for the second quarter 2010. Revenues for that quarter and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased by 12.7 percent and 6.4 percent respectively, compared to 2Q2009.

Luis Orvananos Lascurain, Corporacion GEO's CEO, says in the press release, "We're reporting extraordinary results for our second quarter, which again positions GEO as the leading low-entry homebuilder in Mexico. Our Company achieved a new homes-titled record -the highest number of weekly titles ever- and 14,919 houses titled this quarter, which represents a 12.5% increase compared to the second quarter 2009. We also achieved outstanding year on year revenue and EBITDA growth, supported by our lower-income focused strategy."

"GEO's strong customer focus continues to be the main catalyst for our continued growth and success. We have demonstrated the importance of developing sustainable communities for Mexico´s families that include community and commercial centers, as well as green areas. Moreover, GEO provides clients with unique 'green' options to customize each home in a way that will generate important savings and optimize resource use," Orvananos added.

Corporacion GEO is a leading housing developer in Mexico and one of the largest in Latin America. According to the press release, the Company is engaged in all aspects of design, development, construction, marketing, sales and delivery of mainly low-income housing developments in Mexico. With operations in 56 cities and municipalities across 17 states, GEO is one of the most geographically diversified homebuilders in Mexico. Since its inception GEO has sold more than 510,000 homes which currently provide housing to two million people.

Photo courtesy of Vladislav Gajic