GEO Reports Results for the First Half of 2011

MEXICO CITY, July 28, 2011 /PRNewswire/ -- Corporacion GEO S.A.B. de C.V. (BMV: GEOB; GEOB:MM, ADR Level I CUSIP: 21986V204; Latibex: XGEO) GEO, Mexico's leading low-income housing developer, today announced results for the first half of 2011. For this period, Revenues and EBITDA increased 10.6% and 12.3% respectively, compared to the prior year.

Luis Orvananos Lascurain, Corporacion GEO's CEO, commented, "In the first half of the year we have already achieved a 10.6%, increase in revenues, in line with our commitment to build high-quality sustainable communities that will support Mexico's continued housing demand. As of June 2011, the Company had an extraordinary 9.5% of INFONAVIT's market share; titling 8,000 more houses than our closest peer. Client focus is the key differentiator that ensures GEO's continued leadership in the low-income segments."

Mr. Orvananos continued, "The industry today is faced with significant challenges as well as opportunities. GEO's strategy, which is focused on maintaining financial balance while generating economic, social and environmental wealth for our clients and shareholders, has proven to be particularly successful. We are confident that we will accomplish our growth guidance for the year, thanks to our strategy and to our committed team that continues to create value and improve our clients' quality of life."

Unaudited financial figures: Figures discussed in this announcement have been reformulated as of June 30, 2010 in accordance to NIF "Normas de Informacion Financiera" Mexican Accounting Principles. The figures are expressed in nominal pesos. The figures are expressed in nominal pesos. Tables state figures in millions of pesos unless otherwise noted.

(1) Non-reformulated 2010 figures.

(2) Total debt obligations with financial institutions

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 20 states, GEO is one of the most geographically diversified homebuilders in Mexico. Since its inception GEO has sold more than 560,000 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.