MEXICO CITY, Oct. 26, 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 third quarter of 2011. For this period, Revenues and EBITDA increased 9.3% and 15.9% respectively, year on year.
Luis Orvananos Lascurain, Corporacion GEO's CEO, commented, "Revenues increased 9.3 percent in the third quarter, and a total of 13,775 units were sold, which again positions GEO as leader in low-income sustainable community development. Moreover, INFONAVIT's considerable success allocating mortgages to the low-income segments continues to translate into further opportunities for GEO to strengthen our market share. This quarter we again maintained our leadership position with 9.4 percent of the INFONAVIT's market share, as of September 2011."
He continued, "The industry's transition to sustainable growth also represents important opportunities to continue strengthening our operations in both the short and long term. We know that the current economic environment represents challenges for our Company; however our long-term focus on improved financial equilibrium will allow us to take advantage of future industry opportunities. Today, our committed team continues fine-tuning and strengthening our operational efficiencies which, combined with GEO's superior product, makes us certain that GEO will achieve strong year-end results".
Nine - Month Period
Income Statement Data
Sales (titled units)
Profit before Taxes
Profit before Taxes Margin
Free Cash Flow to Equity (1)
Quarter - Quarter
Balance Sheet Data
Cash and Cash Equivalents
Working Capital Cycle
Total Debt (2)
Net Debt to EBITDA (LTM)
Unaudited financial figures: Figures discussed in this announcement have been reformulated as of September 30, 2010 in accordance to NIF "Normas de Informacion Financiera" Mexican Accounting Principles. The figures are expressed in nominal pesos. Tables state figures in millions of pesos unless otherwise noted.
(1) Non-reformulated 2010 figures, 2011 Free Cash Flow figures exclude Fair Value of Total Debt
(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.