Corporacion GEO Reports Solid 1Q 2010 Results

MEXICO CITY, April 29 /PRNewswire-FirstCall/ -- Corporacion GEO S.A.B de C.V. (BMV: GEOB; CORPGEO MX, ADR Level I CUSIP: 21986V204; Latibex: XGEO) GEO, Mexico's leading low-income housing developer, today announced results for the first quarter 2010. 1Q10 Revenues, EBITDA and Net Profit increased 16.1%, 25.6% and 52.2%, respectively, compared to the first quarter 2009.

Luis Orvananos Lascurain, Corporacion GEO's CEO, commented, "GEO began the year with continued growth and strong results, while maintaining our leadership position with Mexico's key housing institutions. We titled 10,113 houses in the first quarter 2010, a 3.4% increase compared to first quarter of 2009. We also achieved impressive year on year revenue and net profit performance this quarter, which we attribute to the continued success of our lower-income focused strategy."

"This quarter, our Company is presenting results based on the new INIF-14 Accounting Principle which has been compulsory as of 2010. We are confident this methodology will improve GEO's competitive position within the industry due to the fact that we have been aligning our business focus on titling and collections since early 2009. Further, GEO's ALPHA 1 factory in Tijuana has begun operations, and we expect to ramp up production in the second quarter, ensuring we will fulfill our production goals for the year," Mr. Orvananos added.  

(Non audited financial figures in million of pesos)

To obtain the full text of this earnings release, please visit our Investor Relations website at www.corporaciongeo.com under the Shareholder Information section.

About Corporacion GEO S.A.B. de C.V.

Corporacion GEO is a leading housing developer in Mexico and one of the largest in Latin America. 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 54 cities and municipalities across 16 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 2,000,000 people. GEO's Solid Business Model focuses mainly in the Affordable Entry Level and Economic segments, which are supported by government policies and by the Mexican Housing Institutions INFONAVIT and FOVISSSTE. For more information, visit www.corporaciongeo.com

Safe Harbor Statement

This release contains forward-looking statements regarding the Company's results and business prospects. The readers should know that the results obtained may differ from that stated on this release. Past performances do not guarantee the behavior of future performances. The Company undertakes no obligation to update any of these statements, either as a result of new information, future actions or other related events.

SOURCE Corporacion GEO, S.A.B. de C.V.