OREANDA-NEWS  On 20 November TMM announced its financial results for the first nine months of 2008, according to Ukrainian accounting standards. TMM's key financial indexes were presented by Mykola Tolmachov, TMM's General Director, at the press briefing held during the welcome reception in honor of the "Triumph" premium-class residential complex's solemn opening, on Friday, November 7, 2008. According to the presented report, TMM's key financial results amounted to:

net profit – UAH 190.92 million, showing a 47-fold increase compared to the same period in 2007 (net profit in January-September 2007 was UAH 4.03 million);

  gross income from sales – UAH 576.90 million, showing a 3-fold increase compared to the same period in 2007 (gross income from sales in January-September 2007 was UAH 189.61 million);

net income – UAH 480.79 million, showing a 7-fold increase compared to the same period in 2007 (net income in January-September 2007 was UAH 71.41 million);

In accordance with accounting report standards, the revenues from real estate sales are recognized only after the project has been put into operation. In the first half of 2008, TMM launched the operation of the "Triumph" residential complex (Kyiv), which was reflected in TMM's financial indexes for the above mentioned period.

The volume of TMM's residential property sales increased by 48% (in square meters) in January-September 2008, compared to the same period in 2007.

In 2008, TMM is planning to put into operation a number of objects located in Kharkiv and Zhytomyr. Presently, TMM has 12 real estate projects under construction, with a total area of nearly 410 thousand square meters. Construction is being carried out within the approved parameters and terms.

TMM is applying for construction permits and designs for the company's prospective development projects, the construction of which has not yet started.  In realizing these projects, which are currently at the development stage, TMM can review and determine construction starting dates and project priorities by taking into consideration Ukrainian and global economic circumstances.

As of June 30, 2008, TMM's portfolio comprises 35 real estate projects, valued at USD 1.494 billion (according to data taken from an independent valuation of TMM's real estate projects, carried out by CB Richard Ellis), which is USD 26 million more than the valuation of TMM's real estate projects as of December 31, 2007.