MOSCOW. Sept 19 (Interfax) - PIK, a Russian real estate developer, expects that its financial results will improve in the second half of 2012.

The company is expecting "substantial growth of revenues" after a drop in the first half, PIK said in a press release. The group's management is also expecting profitability to continue to improve.

The company's gross margin increased in the first half of 2012, and management expects that "this trend will continue," group president Pavel Poselenov said in a conference call on Tuesday.

The company's chief financial officer, Andrei Rodionov said the gross margin on PIK's current projects exceeds 25%, up from 22% last year. This figure is 35% in Moscow and 30% in Moscow Region. "Right now we are seeing very positive dynamics in a number of Russian regions [