MOSCOW. Aug 13 (Interfax) - Mirland Development Corporation boosted revenue 95% year-on-year in the first half of this year to $46.3 million, the developer said in a statement.

Operating profit advanced 28% to $19.9 million and earnings before taxes, depreciation, and amortization (EBITDA) - 74% to $12 million.

Mirland had net profit of $300,000 versus $4 million a year ago. The company said net profit fell due to losses from exchange rate fluctuations.

"We have made excellent operational progress and we are particularly pleased to have dramatically increased both revenues and gross profit despite an uncertain economic environment in Russia. Our net profit was down on the previous period, however our strong operational profitability partially offset the effect of a net foreign exchange loss," Mirland Chairman Nigel Wright is quoted in the statement as saying.

"Net profit of US$0.3 million (30 June 2013: US$4.0 million) due to net foreign exchange losses of approximately US$5.3 million, which were offset by increased operational profitability, recognition of revenues in residential projects, fair value adjustments of investment properties and gain from the acquisition of the remaining 49.5% share in Vernissage Mall," the company said.

"All 510 apartments have been pre-sold, representing income of approximately $69 million, which was recognized during the period, in accordance with IFRS standards. An occupancy permit was received from the relevant authorities and handover of apartments to owners was completed during the period," the statement says.

"Launched in Q3 2012, and to date 575 out of a total of 630 apartments (circa 91% of the scheme) have been pre-sold representing sales of approximately $77.3 million. Build completion is expected by Q4 2014. [