OREANDA-NEWS. November 26, 2010. TMM Real Estate Development plc (FRA: TR61) (the "Company"), Ukraine's leading real estate development and construction company, announced today its 2009 and 1H 2010 consolidated results (IFRS-based, derived from management accounts), reporting a full year 2009 Net Loss of USD 14.3 million and 1H 2010 Net Profit of USD 5.1 million.

According to reviewed consolidated financial statements under IFRS as at 30 June 2010, the key financial indicators of the Company are as follows:

Revenue: USD 13.4 million (compared to USD 22.5 million in 1H09);

Profit for the year: USD 5.1 million (compared to Net Loss of USD 14.6 million in 1H09);

Total Assets: USD 379.2 million.

According to audited consolidated financial statements under IFRS as at 31 December 2009, the key financial indicators of the Company are as follows:

Revenue: USD 42.2 million (compared to USD 89.8 million in 2008);

Loss for the year: USD 14.3 million (compared to Net Profit of USD 23.0 million in 2008);

Total Assets: USD 356.8 million (compared to USD 419.6 million as at 31.12.2008).

TMM's founder and CEO Mykola Tolmachov commented:

"2009 was a difficult year for TMM. The global financial crisis and severe devaluation of Ukrainian Hryvnia have resulted in Company's revenue contracting to USD 42.2 million (more than twofold compared to 2008). Nonetheless, due to strict cost control and cash preservation policy, TMM achieved impressive Gross Margin of 39.2% and positive Normalized Operating Cash Flow.

First half of 2010 marked the start of the recovery in the Ukrainian residential real estate market. Because of the latency effect related to revenue recognition under IFRS, TMM's 1H 2010 revenue does not yet reflect these positive trends. Responding to this positive trend we have also reenergized our construction efforts and expect to commission 4 new properties by the end of this year".