PIK group boosts 2011 sales revenues 30%
Moscow. Jan 23 (Interfax) - The PIK group's net monetary receipts for 2011 amounted to 52.1 billion rubles, up 30.6% from 2010, the company reported on Monday.
Revenues from the sale of housing increased 49.5% to 34.9 billion rubles, while income from construction services was flat at 12.9 billion rubles.
PIK's income in Q1 2011 increased 27.6% to 17 billion rubles, with about a third coming from mortgage deals as this market continues to grow, the company said.
The group expects new sales of 600,000-650,000 square meters and sales revenues of from 62 billion to 67 billion rubles in 2012.
PIK is one of Russia's biggest developers. The company's IPO in 2006 was the largest in the history of European real estate ($1.85 billion). Declining demand on the real estate market amid the world economic crisis and the subsequent problems with debt servicing led to a plunge in the group's capitalization. In the spring of 2009, Suleiman Kerimov's Nafta Moskva bought into PIK capital with the acquisition of 25% of shares from company founders Yury Zhukov and Kirill Pisarev in exchange for held with debt restructuring. Nafta had 38.3% of the stock last year.