Raven Russia doubles net profit for 2011, in negotiations for new purchases
MOSCOW. March 12 (Interfax) - Developer company Raven Russia Ltd. posted $88.4 million in net profit for 2011, compared to $41.5 million in 2010, the company said in a statement.
Sales revenue from the commission of facilities for rent increased from $61 million to $91.65 million. Operational profit increased from $25.3 million to $57.8 million. Including profit from the reassessment and sale of real estate, operational profit came to $200.2 million compared to $116.7 million in 2010.
The developer's operational cash flow in 2011 increased from $33.1 million to $81.6 million.
Raven Russia's CEO Glyn Hirsch was quoted in the statement as saying: "The key to our next phase of growth is investment and the use of our cash. The plan is to combine further development and acquisition of income producing assets. We are in the process of acquiring attractive land plots in the North of Moscow where we believe tenant demand is strong and competition limited."
Raven Russia leased out 222,000 square meters in territory compared to 220,000 square meters a year previous.
The value of Raven Russia's real estate portfolio, according to Jones Lang LaSalle's estimates, came to $1.15 billion at the end of 2011 (up from $943 million at the start of 2011). Around 92% of the company's plots have been leased out.
Britain's Raven Russia specializes in the construction and management of logistics facilities in Russia covering a total area of over 1 million square meters. The company joined the London Stock Exchange's (LSE) alternative markets section (AIM) in July 2005. During its IPO, the company attracted 153 million pounds sterling. Raven later made several more additional placements.