PIK Group ups sales revenue 26% to 52 bln rubles
MOSCOW. Oct 18 (Interfax) - One of the leading Russian developers, OJSC PIK Group, increased its total cash collections by 25.7% year-on-year in January-September to 52.2 billion rubles, a company statement says.
Total gross cash collections were up 24.5% for the period, also to 52.2 billion rubles.
Cash collections from residential real estate sales activities increased 35.1% to 43.7 billion rubles. Cash collections from construction services activities and others, on the other hand, declined 8.8% to 8.4 billion rubles.
"New sales contracts to customers grew to 473 thousand square meters, up by 7.7% year-on-year driven by underlying fundamental demand for affordable housing," the company said.
"New launches consolidated at 33 properties on sale (9 months 2013: 30) of which 23 came from Moscow Metropolitan area, demonstrating a healthy operational run-rate," it said.
In the third quarter, total gross cash collections increased 12.3% year-on-year to 18.3 billion rubles. Total net cash collections were up 12.8% at 18.4 billion rubles. Cash collections from residential real estate sales activities increased 19.6% to 15.3 billion rubles, while cash collections from construction services activities and others dropped 15.7% to 2.9 billion rubles.
"Mortgage backed sales continued to rise strongly, reaching 42.2% in Q3 2013 [29% in Q3 2012] on the back of macroeconomic stability and customer confidence; mortgage rates remained stable for the period," the company said.
"Operational environment remains good; PIK corrects its 2013 guidance on new sales contracts to customers between 670,000-690,000 square meters with total gross cash collections of 71-73 billion rubles," PIK said.
