Moscow-based retail developer OJSC RTM has reported pre-tax profit of $49.9 mln (EUR 40 mln) for the first six months of 2008. Net income came to $34.7 mln.
Moscow-based retail developer OJSC RTM has reported pre-tax profit of $49.9 mln (EUR 40 mln) for the first six months of 2008. Net income came to $34.7 mln.
In its filing of IFSR-compliant interim statement, RTM said it generated revenues from investment property of $36.3 mln in the first half of 2008, a 45.5% increase on the same period the year before.
Net financial debt grew by 59.3% as compared to the same period in 2007 and amounted to $482.3 mln. Cash and cash equivalents amounted to $41 mln.
The market value of the OJSC RTM investment portfolio as of end-June, as estimated by Colliers International, amounted to $983.4 mln., a 32.4% increase compared to the previous appraisal. Net asset value grew by 14.4% as compared to the same period in 2007 and amounted to $538.4 mln., or $3.8 per share.
