OREANDA-NEWS. May 16, 2011. JSIREF Velikaya Stena, one of the leading players on the commercial real estate market in Almaty, summarized its Y2011 Q1 operating results. The company's operating revenue for the said period made up KZT64,980 thousand. The total income for the 1st quarter 2011 equals KZT41,112. Earning per share in the 1st quarter made up KZT3,351, reported the press-centre of KASE.

At the beginning of the current year there was increasing demand for high-quality office spaces on Almaty's commercial real estate. Throughout the 1st quarter this year the Fund's managers signed a row of intentions with prospective tenants. "We are first of all looking forward to making long-term contracts with companies which have international experience. That's why we comprehend the need for extensive time-consuming auditing of office areas supposed to be let" - comments E. Koshkinbaev, CEO of JSIREF Velikaya Stena. This fact witnesses of the occupancy rate set to increase to 100% in the 2nd quarter 2011.

In 2011 offering of commercial real estate in Almaty kept increasing due to emergence of additional office spaces. Despite sharp competition revenues from rent payments dropped only by 6% if compared with last year's first quarter (KZT51,306 th). Currently, the average rental rate in business centres of JSIREF Velikaya Stena remains the same as the market level.

"Our unchallenged advantages on the office spaces market are the high quality of service and tailor-made approach leading to strong partnership with our clients" - says Mr. Koshkinbaev.

The securities portfolio's yield rate for the 1st quarter 2011 was higher than REPO and yield on short-term government securities (KZT1.5 m). Such result became possible thanks to a temporary, as chiefs of managing company RESMI Finance & Investment House deem, decrease in prices of equity instruments of the stock market as well as accepting of a moderate risk earnings-generating strategy similar to banking savings. According to the accepted strategy, managing company RESMI Finance & Investment House invested the major part of assets in first-class debt financial instruments which secured a fixed investment income. Besides, in order to achieve higher yield, the managing company plans to ensure receiving a yield rate exceeding alternative investment opportunities by putting free cash in attractive financial instruments.

According to the dividend policy stated in the Fund's charter, dividends are paid out every quarter in full and on time.