UPDATE 1-Mexico homebuilder Geo Q2 net falls but sales grow

* Net profit squeezed by financing costs

* EBITDA rises as more homes sold (Updates with home sales, EBITDA)

MEXICO CITY, July 27 (Reuters) - Major Mexican homebuilder Geo (GEOB.MX) posted a quarterly net profit of 380 million pesos ($29.4 million), down 1.6 percent from a year earlier and squeezed by higher financing costs.

Geo, one of the country's largest housing developers, said on Tuesday second-quarter revenues increased 12.7 percent from the same quarter a year ago to 5.2 billion pesos.

The company said registered home sales rose 12.5 percent to 14,919 in the April-to-June period compared with the year-ago period.

Earnings before interest, taxes, depreciation and amortization, or EBITDA, rose 6.4 percent from the year-ago period to 1.126 billon pesos.

Geo said exchange rate losses and a revaluation of its derivatives pushed financing costs up to 187 million pesos from 138 million pesos over the same period.

The company issued a $250 million bond to refinance peso-denominated debt in the first half of 2010.

Geo head Luis Orvananos told Reuters in May the company was seeing a recovery in the mortgage market, which got squeezed in 2009 amid the worst economic crisis in Mexico in decades. [ID:nN04134534] ($1 = 12.94 pesos as of end-June) (Reporting by Mica Rosenberg and Jason Lange; Editing by Richard Chang)