AFI Development, a leading real estate company focused on developing property in Russia, has today announced its financial results for the nine month period ended 30 September 2014.
Nine months 2014 financial highlights

Revenues for the nine months to 30 September 2014, including proceeds from the sale of trading properties, amounted to US$111.5 million

Rental income, including the income from hotels operations, increased 4% year-on-year to US$109.8 million (compared to US$105.1 million for the 9 months to 30 September 2013)
AFIMALL City contribution at US$82.7 million (compared to US$74.5 million in the first nine months of 2013)

Gross profit for the nine months amounted to US$39.8 million
Net profit for the nine months reached US$27.9 million. Significant factor influencing the net profit was depreciation of the rouble versus the US dollar, which resulted in valuation gain of US$134.8 million and foreign exchange loss US$77.8 million
Gross value of portfolio of properties remained largely unchanged at US$2.5 billion
Cash, cash equivalents and marketable securities amounted to US$97.3 million

Operational highlights

AFIMALL City operations continued to demonstrate positive dynamics with revenues rising 11% year-on-year to US$82.7 million

NOI was US$64.3 million for the nine months, representing growth of 33% year-on-year
Average monthly footfall up 8% in September 2014 compared to September 2013
Occupancy levels at 82% of total leasable area

Sales of apartments continue at Odinburg with 416 sale contracts signed (as of 17 November 2014)

Commenting on today’s announcement, Lev Leviev, Executive Chairman of AFI Development, said:
“In the third quarter AFI Development continued to demonstrate sustainable operating results, while the general macroeconomic situation in Russia has been marked by negative sentiment. We are closely monitoring our projects to address the current economic uncertainty in order to achieve optimal performance in both our development and completed properties.”