Mirland Development has reported a $60 mln (EUR 44 mln) profit for the first half of 2007, thanks to higher rental income. The Russian property company made a loss of $740,000 in the same period last year. Mirland said that it has invested just over $72 mln of the $293 mln it raised at its flotation on London's junior stock exchange AIM last December. The company has 10 ongoing projects which, on completion, will provide approximately 1.5 million m[sup]2[/sup] office, retail and residential space. In addition, two pipeline projects were acquired recently, with a further 11 undergoing due diligence in the cities of St Petersburg, Kazan, Chelyabinsk, Novosibirsk, Barnaul, Voronezh and Klin.

Mirland Development has reported a $60 mln (EUR 44 mln) profit for the first half of 2007, thanks to higher rental income. The Russian property company made a loss of $740,000 in the same period last year. Mirland said that it has invested just over $72 mln of the $293 mln it raised at its flotation on London's junior stock exchange AIM last December. The company has 10 ongoing projects which, on completion, will provide approximately 1.5 million m2 office, retail and residential space. In addition, two pipeline projects were acquired recently, with a further 11 undergoing due diligence in the cities of St Petersburg, Kazan, Chelyabinsk, Novosibirsk, Barnaul, Voronezh and Klin.