AFI Development, a leading real estate company focused on developing property in Russia, has today announced its financial results for the first six months of 2014 ended 30 June 2014.
- Revenues for the six months to 30 June 2014, including proceeds from the sale of trading properties, reached US$76.2 million:
- Rental and hotel operating income grew 9% year-on-year to US$74.8 million
- AFIMALL City contribution at US$56.6 million (H1 2013: US$48.0 million), up 18% year-on-year
- Gross profit reached US$27.49 million in H1 2014
- Net profit for H1 2014 was US$3.7 million
- Gross value of portfolio of properties largely unchanged at US$2.5 billion, compared to US$2.4 billion at the end of Q1 2014
- Cash, cash equivalents and marketable securities of US$123.4 million
- AFIMALL City operations continued to demonstrate positive dynamics with revenues rising 18% year-on-year to US$56.6 million
- NOI was US$39.3 million for the six months, representing growth of 27% year-on-year
- Average monthly footfall up 25% year-on-year in June 2014
- Occupancy levels at 82% of total leasable area (end-2013: 79%)
- Sales of apartments continue at Odinburg with 269 sale contracts signed (as of 19 August 2014)
- General contractor for Tverskaya Plaza Ic to be appointed shortly