Developer Mirland posts net profit to IFRS in Jan-Sept
ST. PETERSBURG. Nov 13 (Interfax) - Russian real estate developer Mirland posted net profit of $600,000 to International Financial Reporting Standards (IFRS) in January-September 2013, compared to a net loss of $7.2 million in the same period of 2012, the company reported.
Net profit was boosted by an increase in operating profit and a drop in general and administrative costs, the company said.
Revenue in the reported period climbed 55.9% to $46.3 million. The indicator was influenced by efficient management of commercial real estate, achievement of 100% occupation at shopping real estate - Triumph Mall in Saratov and Vernisazh in Yaroslavl, and the partial inclusion of revenue from the first phase of construction of the Triumph Park residential complex in St. Petersburg.
Assets as of September 30 2013 were up 13.4% from the end of 2012 to $843.5 million.
EBITDA climbed 80% to $14.4 million, gross profit went up 120% to $23.4 million and net operating revenue increased 18.8% to $24 million.
M Mirland Development Corporation is part of the Fishman Group, which is controlled by Eliezer Fishman and his wife Tove Fishman. The company carries out commercial and residential real estate development projects in Russia. In December 2006, Mirland carried out an IPO on the London Stock Exchange's Alternative Investment Market, raising $293 million.
