Moscow, Russia - 16 June, 2008 - Sistema-Hals (LSE, MICEX, RTS: HALS), one of the largest companies on the real estate market in Russia and the CIS, today announces its unaudited consolidated financial results for the first quarter of 2008 in accordance with US GAAP.
Financial Highlights
|
|
3m 2008
(USD ‘000) |
3m 2007
(USD ‘000) |
|
Revenues |
141,631 |
34,502 |
|
Operating expenses |
(115,619) |
(29,996) |
|
Operating income |
26,012 |
4,506 |
|
OIBDA |
31,231 |
7,387 |
|
Net income |
26,630 |
5,893 |
Sistema-Hals' consolidated revenues for the three months ended March 31, 2008 increased by 311% year-on-year to USD 141.6 million, compared to USD 34.5 million for the first quarter of 2007.
This growth was led by several factors including the sale of the Rochdelskaya 22 project; revenues, recognized from the sale of a complex of buildings at 8 Marta Street; continuing sales of units in the ongoing "Dnepropetrovskaya", "Nahimovskiy", "Michurinskiy", "Rublevskoe highway" residential projects and an increase in rental revenues from single family houses in the Serebryany Bor settlement.
Commenting on the results for the first quarter of 2008, Felix Evtushenkov, President of Sistema-Hals, said:
"We are pleased to report strong results for the first quarter of 2008. The solid increase in our revenue, OIBDA and net income gives an indication of expected growth for the rest of the year.
We are confident that our efforts aimed at implementing our construction program and portfolio management strategy will be fruitful and the next three quarters will be equally positive."
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