Russian developer PIK posts first profit since crisis
MOSCOW. Sept 26 (Interfax) - Russian property developer PIK posted net profit of 3.2 billion rubles in the first half of 2011, its first profit since the start of the crisis in 2008, the developer said Monday.
The company saw a net loss of 5.2 billion rubles in the first half of 2011.
Revenue grew 50.7% to 22.8 billion rubles from 15.2 billion rubles.
EBITDA was 5 billion rubles and EBITDA adjusted for development operations was 1.8 billion rubles.
Net debt grew to 42.5 billion from 38.9 billion rubles.
PIK received a letter from creditor Sberbank in June saying it would not require early repayment of 26 billion rubles in debt for breach of contract. Rosbank , another creditor, made the same decision in September.
PIK Group is one of Russia's leading developers. The company's $1.85-billion IPO in 2006 was the largest in the history of the European real estate sector.
The drop in demand on the real estate market following the economic crisis, which brought about problem's for the group's debt servicing and, as a consequence, the collapse of PIK's capitalization. Suleiman Kerimov's Nafta Moskva acquired 25% in PIK in spring 2009 from company founder Yury Zhukov and Kirill Pisarev in exchange for help in restructuring the group's debt.
As of last year Nafta Moskva owned 38.3% of the shares in PIK Group