OREANDA-NEWS. September 29, 2011. PIK (LSE: PIK), a leading Russian residential developer, announces its consolidated IFRS financial results for 6 months ended June 30 2011.

Financial Summary

Total revenues were up by 50.7% to RUB 22.8billion (1H10: RUB 15.2billion)

Gross profit increased  to RUB 3.7billion (1H10: negative gross profit of RUB44million), while gross profit margin amounted to 16.4% (1H10: negative)

Earnings before interest, taxes, depreciation and amortization (EBITDA) reached RUB5.0billion (1H10: negative EBITDA of RUB3.2billion)

Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) from development activities  were  at RUB 1.8 billion (1H10: RUB (1,7) billion))

Net income came out of the negative territory and reached RUB3.2billion (1H10: net loss of RUB5.2billion)

Total assets as of June 30 2011 increased to RUB 129 billion (1H10: RUB 122 billion)

Net debt as of June 30 2011 amounted to RUB 42.5 billion (1H10: RUB 38.9 billion)

Pavel Poselenov, CEO of PIK Group comments:

“We are pleased with the outcome at the half year stage, which demonstrates positive results for the first time since 2008. This serves as a positive indicator ahead of the seasonally important second half of the year.”