19th Nov 2013 14:20
LONDON (Alliance News) - AFI Development PLC Tuesday said it swung to a pretax profit in its third quarter as higher valuations, successful sales, and rental income built company finances.
The Russia-focused real estate company posted a pretax profit of USD53.2 million for the three months ended September 30 from a pretax loss of USD45.3 million in the same period the previous year.
The majority of the profit was based on a valuation gain on properties of USD47.5 million during the period compared to a valuation loss of GBP59.6 million in the previous year.
The company said its sales increased 28% to USD38.4 million from USD30.0 million during the period as it achieved the successful sale of the first building in its Aquamarine III development and its third quarter rental income increased 20% year-on-year to USD105.1 million.
AFI Development also said its administrative expenses fell during the period to USD2.3 million from USD3.9 million, and the company reached binding disposal agreements and land lease agreements in Moscow in November.
AFI Development PLC shares were down 4.0% to 0.810 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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