UPDATE 1-Mexico’s Geo posts 3.5 pct fall in net profits

MEXICO CITY, Oct 27 (BestGrowthStock) – Mexican homebuilder Geo
(GEOB.MX: ) said on Wednesday its third-quarter net profit fell 3.5
percent over the year-ago period on higher financing costs.

Geo said its net profit for the quarter was 446.5 million
pesos ($35.4 million) compared to 462.8 million in the year-ago
period, according to a filing with the Mexican stock exchange.

Financing costs rose 119 percent to 154 million pesos as the
company held more short-term debt and paid higher financing costs
related to subsidized mortgages for public sector workers.

Geo, one of the country’s largest housing developers, said
third-quarter revenues increased 6.6 percent from the same quarter
a year ago to 4.586 billion pesos.

The company said it generated free cash flow of 555 million
pesos during the quarter.

Geo shares rose 0.56 percent to close at 39.54 pesos on
Wednesday ahead of the report’s release.
($1 = 12.6250 at end Sept)
(Reporting by Michael O’Boyle)

UPDATE 1-Mexico’s Geo posts 3.5 pct fall in net profits