| | |  Business News 
Mexican Homebuilder Geo Net Up 52.5 Percent
 Noel Randewich -
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May 02, 2010
Mexico City - Mexican homebuilder Geo said last week its first-quarter net profit surged 52.5 percent over the year-ago period helped by a strong surge in revenues.
Geo (GEOB.MX) said its net profit for the quarter was 305 million pesos ($25 million), compared with 200 million pesos a year earlier.
Quarterly revenue jumped 16 percent to 3.76 billion pesos thanks to higher home sales and income from selling land and store spaces.
Geo shares ended down 0.26 percent at 38.34 pesos on Thursday shortly before results were released.
($1 = 12.387 pesos as of end March)
(Editing by Leslie Gevirtz)
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