LenSpetsSMU Group boosts IFRS net profit 26% in H1
ST. PETERSBURG. Aug 27 (Interfax) - The LenSpetsSMU Group boosted its net profit to International Financial Reporting Standards (IFRS) by 26.4% to 3.185 billion rubles in the first half of 2013, the company said in a statement.
However, revenues declined 8% to 9.921 billion rubles.
Operating profit grew 9.5% to 3.311 billion rubles, and profit before tax jumped 22.8% to 3.884 billion rubles.
LenSpetsSMU saw its earnings before taxes, depreciation, and amortization (EBITDA) rise 10.4% in H1 2013 to 3.517 billion rubles. Net debt was up 17.3% year-to-date to 3.64 billion rubles.
LenSpetsSMU builds residential and commercial facilities and is one of the largest construction associations in the Russian Northwest. Its primary beneficiaries are the chairman of its board of directors Vyacheslav Zarenkov and members of his family.
