Etalon Group sees IFRS net profit soar 140% in H1
ST. PETERSBURG. Sept 22 (Interfax) - Etalon Group saw its IFRS net profit grow 140% year-on-year to 2.193 billion rubles in the first half of 2015, the developer said in a statement.
The group's revenue grew 25% to 18.148 billion rubles, and EBITDA jumped 90% to 3.173 billion rubles.
Etalon Group's financial highlights to IFRS (mln rubles):
| H1 2015 | H1 2014 | |
| Revenue | 18 148 | 14 539 |
| Cost of sales | 12 584 | 10 759 |
| Gross profit | 5 564 | 3 780 |
| Operating profit | 2 583 | 1 080 |
| Pretax profit | 2 988 | 1 229 |
| EBITDA | 3 173 | 1 683 |
| Net profit | 2 193 | 927 |
"Etalon Group's financial position remains very strong, despite the challenging macroeconomic environment. As anticipated, net debt increased and amounted to 6.5 billion rubles on the back of slower pre-sales in H1 2015 and cash paid out as dividends. At the same time, we have maintained a very comfortable net debt/LTM EBITDA ratio of just 0.5x, with 12 billion rubles of cash, cash equivalents & bank deposits on our balance sheet," the statement cited Etalon Group CEO Anton Yevdokimov as saying.
"Looking forward, we are on track to deliver 500,000 square meters of residential NSA this year, and Etalon Group remains ready to ramp up the pace of construction whenever the market situation allows," he said.