21 Jun 2012 18:04

LSR Group plans to up revenue to IFRS 17.5% in 2012

ST. PETERSBURG. June 21 (Interfax) - Real estate development company OJSC LSR Group plans to obtain consolidated revenue to International Financial Reporting Standards of about 61 billion rubles in 2012, Alexander Vakhmistrov, the CEO, told Interfax on the sidelines of the St. Petersburg International Economic Forum.

Revenue to IFRS was 51.9 billion rubles in 2011. So this year it could grow 17.5%.

"Revenue should be around 61 billion [rubles]," he said, adding that this is the figure envisages in this year's business plan. "So far we are working to plan," he added.

The company expects a 20% year-on-year increase in real estate sales in 2012 and a 10%-15% increase in construction material sales, he said.