20th May 2014 13:37
LONDON (Alliance News) - AFI Development PLC Tuesday reported an increase in pretax profit and revenue for the three months ended March 31, boosted by valuation gains and a strong performance from its Moscow-based shopping mall.
The company, which develops property in Russia, said pretax profit rose to USD29.2 million during the period, from USD16.7 million a year earlier, as revenue crept to USD36.7 million from USD33.4 million in the corresponding period.
AFI said the weakening of the Russian rouble against the US dollar in first quarter of 2014 reflected in a USD72.9 million fair value adjustment gain, compared with a USD16.5 million gain a year earlier.
Overall, AFI said its shopping centre in Moscow continues to make steady progress with revenue rising 20% year-on-year. Occupancy at AFIMALL City rose to 83% at March 31, from 79% at the end of 2013.
"With growing footfall and rental income, AFIMALL City, our flagship retail development, remains a key driver of our total revenues," Executive Chairman Lev Leviev said in a statement.
"To further strengthen our market position and capitalise on robust demand for residential and commercial space in Moscow, we are also making great headway with our development projects. Construction at our Odinburg residential development started in October 2013, whilst Tverskaya Plaza Ic will soon follow," he added.
AFI shares were quoted down 3.7% at USD0.712 Wednesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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