20 August 2014

AFI Development sees growth in rental income

  • StockMarketWire

AFI Development - a company focused on developing property in Russia - reports strong growth in rental income in the six months to the end of June.

Revenues - including proceeds from the sale of trading properties - totalled US$76.2m (H1 2013: $123.9m). Rental and hotel operating income grew 9% year-on-year to US$74.8m and AFIMALL City's contribution rose to US$56.6m up 18% year-onyear.

Net profit was $3.7m (H1 2013: $43.2m).

Executive chairman Lev Leviev said: "Whilst the second quarter of 2014 has been marked by political and macroeconomic uncertainty in Russia, we maintained our focus on delivering steady progress at our development projects and on continuously improving the operations of our completed properties.

"The 27% year-on-year increase in NOI generated by AFIMALL City is testament to the success of these efforts. At the same time, the sales of apartments at our Odinburg development are progressing well and construction at our Tverskaya Plaza Ic project is due to start imminently."

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