Mirland Development Corp. ups revenues 19% in H1
MOSCOW. Aug 14 (Interfax) - Mirland Development Corporation made $23.8 million in total revenues in the first half of this year, up 19% year-on-year, a company statement says.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) were up 23.2% at $6.9 million.
The company earned $4 million in net profits in H1 this year versus losses of $0.7 million in H1 last year.
The company's adjusted net asset value as [of] June 30, 2013 amounted to $554.2 million, in comparison to $544.8 million as [of] December 2012, an increase of 1.7%. As of June 30, 2013, the portfolio was valued at $966.3 million, of which MirLand's share is $870.5 million (December 2012: $868.0 million)," the company said. "MirLand's assets are externally valued semi-annually on June 30 and December 31 by Cushman & Wakefield," it said.
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.
Mirland raised 60 million Israeli new sheqels ($16.8 million) with a bond offering in May. In December 2006, Mirland carried out an IPO on the London Stock Exchange's Alternative Investment Market, raising $293 million.
The company's revenue grew 24% to $59 million in 2012, and earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 33% to $10.6 million. Mirland closed out 2012 with a net loss of $42.3 million compared to a net profit of $28.5 million in 2011. The value of the company's real estate portfolio rose 2% to $868 million, Cushman & Wakefield estimates.
