Mirland Development gets out of the red

EGi News

Russian residential and commercial property developer MirLand Development Corporation returned to the black with a profits after tax of $59.5m (£30m) in the six months to 30 June.

This is up from a loss of $740,000 (£374,000) reported by the company in the same period last year

The AIM-listed company, which raised $293m in its IPO in December last year, reported an income of $73.7m (£37.3m), up from $2.2m (£1.1m) last year.

Assets increased by around $100m to $578.4m and the value of the company’s property is now $1.3bn (£658m).

The company has 10 significant ongoing projects which, on completion, will provide around 15m sq ft off office, retail and residential property.

Two pipeline projects have been acquired and a further eleven new projects are undergoing due diligence in St Petersburg, Kazan, Chelyabinsk, Novosibirsk, Barnaul, Voronezh and Klin.

After the period end MirLand entered into an agreement to buy two Russian companies whose development projects will on completion comprise over 130,000 sq ft of offices next to the Company’s existing Hydromashservice and MAG office developments for around $6.7m (£3.4m).

Chairman, Nigel Wright, said: “Existing projects have been progressed and we are also pleased to have consolidated further some of our pipeline of assets. 

"We are also progressing new acquisition opportunities.’’