New contract sales remained broadly flat YoY in Rub terms with a 5% YoY increase in average price per sqm.
1H 2020 Highlights:
· New contract sales stood at RUB 38 billion (346 th. sqm), broadly flat YoY;
· Average price per sqm increased by 5% year-on-year reaching RUB 119,000;
· Share of mortgage sales amounted to 58%, compared to 48% in the first half of 2019;
· Completions reached 172 th. sqm of net sellable area, up 8% year-on-year and in line with the projects schedule;
· New 467 th. sqm of net sellable area launched in the reporting period;
· Solid performance of the building materials segment, in line with management expectations;
· Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of PJSC LSR Group at 'B+' with a Stable Outlook.
Andrey Molchanov, CEO of PJSC LSR Group, commented:
“I am pleased with LSR Group performance in the first half of 2020. Despite the operational difficulties in light of the Covid-19 outbreak, we achieved a YoY new contract sales growth in Saint Petersburg and Yekaterinburg, the two regions where the quarantine measures introduced were far less strict relative to Moscow.
I am happy to report that our online sales platform proved efficient in meeting customer demands during the second quarter of 2020.
The mortgage rate subsidy programme continues to support demand and, considering the recent increase in the loan principal value to RUB 12 million in Moscow and Saint Petersburg, we expect to see an even greater share of mortgage sales in the months to come, having already reached a record 67% in the second quarter of 2020.
LSR Group sales have now fully returned to pre-crisis levels and we remain well positioned to continue executing on our strategy, with a strong balance sheet and access to liquidity secured.”
Full version of the press release >>
For further information please contact:
Director of Investor Relations and Sustainable Development
LSR Group Press Service
Tel.: +7 (812) 333 11 11