17 May 2012 14:24

LSR Group sees net losses climb 37% in Q1

ST. PETERSBURG. May 17 (Interfax) - Russian real estate developer LSR Group saw non-consolidated net losses to Russian Accounting Standards grow 37.5% in the first quarter of 2012 to 2.98 million rubles, the company reported.

Revenue fell 10.2% to 315,000 and costs went down 33% to 200,000 rubles. Sales profit doubled to 115,000 rubles. Pretax losses increased 22% to 3.04 million rubles.

Short-term receivables contracted from 353.75 million rubles on January 1 2012 to 275.06 million on April 1. Payables fell from 118.03 million to 109.05 million.