09 August 2013

AFI DEVELOPMENT REVENUES DOUBLE

StockMarketWire.com

9 August 2013

First half revenues at AFI Development, a leading real estate company focused on developing property in Russia, doubled year-on-year to $123.9m.

Net profit reached $43.3m, compared to a net loss of $240.6m in H1 2012 and gross profit grew 31.1% year-on-year to $42.1m.

Executive chairman Lev Leviev said: "We are very pleased with our results for the first six months of 2013 and look to the future with confidence.

"With our well thought out development portfolio, we expect to benefit from the continued strength of the Moscow real estate market. In particular, our "Odinbourg" project is expected to capitalise on the strong demand in the residential sector in the Moscow region, while our Tverskaya Plaza projects are well placed to benefit from the demand for high quality office space in central Moscow."

 

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