MOSCOW, Jul 21 (PRIME) – Russian real estate developer Etalon group more than doubled its property sales to 24.9 billion rubles on the year in April–June with cash inflow soaring 64% to 22.9 billion rubles, the company said in a statement Wednesday.
“The second quarter made an important contribution our half-year results, and it was a record-setting quarter in terms of sales in ruble terms. The diversification of our offer and rising average selling prices were major factors supporting sales. The average price for all NSA (net sellable area) rose by 67% to 204,000 rubles, which enabled us to more than double sales in ruble terms to 24.9 billion rubles,” CEO Gennady Shcherbina said, as quoted by the company.
In January-June the property sales increased by 39% on the year to 41.1 billion rubles, Etalon said.
Cash inflow rose by 30% on the year to 40.9 billion rubles in the period.
The average interest rate of debt financing was cut to 6.7% from 8.3%, and the money placed on the escrow accounts reached 38 billion rubles. The company raised more than U.S. $150 million during a secondary public offering, which it spent on expansion of the project portfolio and business development.
The net corporate debt plummeted to 626 million rubles as of June 30 from 19.6 billion rubles as of the beginning of the year, and the ratio of net debt to earnings before interest, taxes, depreciation, and amortization (EBITDA) is almost at zero.
(74.4910 rubles – U.S. $1)
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