Tashir group to up 2012 sales revenues to $2.9 bln
MOSCOW. Dec 17 (Interfax) - Sales revenues earned by the company group Tashir this year will amount to $2.9 billion, company Vice President Vitaly Yefimkin said at a press conference at the central Interfax offices.
Tashir saw sales revenues of $2.8 billion for 2011, meaning that would be a year-on-year increase of roughly 4%.
The group invested an estimated $1.4 billion in projects this year. Company materials indicate that Tashir put into usage eleven trade and residential properties during the year, including seven trade and entertainment centers in Kaluga, St. Petersburg, Rostov-on-Don, Orel, Saransk, Nizhny Novgorod, and Yerevan.
The company also wrapped up the construction of two residential complexes, investing $710 million in the projects, and a business center in Moscow (investment not revealed), as well as a hotel complex in Yaroslavl costing $50 million.
Yefimkin said the group plans to increase the share of Moscow projects in its real estate portfolio and develop new lines of business in 2013.
Tashir plans to carry out sixteen commercial real estate projects in Moscow and the regions next year (including five trade centers and two multifunctional complexes in Moscow), the materials say.
Yefimkin said that the company group will continue to diversify its business, but development of commercial properties will remain the main focus for the coming few years. Company strategy involves a continual search for new directions and testing their effectiveness. "Two or three months of analysis, and if the business proves ineffective, it will be annulled without remorse," he said.
Tashir's debt burden for this year will be one-sixth of turnover, he said. "We can announce the same proportion that we gave earlier. It is a sixth of turnover. Turnover is increasing - and the debt burden is increasing proportionally, but the proportion is not changing. That is our conservative approach to borrowing," he said.
The group will end the year owing around $480 million.
