OREANDA-NEWS. October 21, 2009. TMM Real Estate Development (TR61 GR) announced its 2008 consolidated audited IFRS results. The company posted revenue of USD 89.8 mln, up 55.6% yoy; profit before tax of USD 20.8 mln, down 20.5% yoy; and net income of USD 11.6 mln last year, down 8.4% yoy.

Concorde Capital: We do not think the posted financials will have any effect on the stock price. The 2008 accounts have nothing to do with the company’s future prospects and their reporting was not an event the market was waiting for as a trigger. Furthermore, due to the specifics of accounting residential real estate projects which generate cash flows through pre-sales, TMM’s P&L is more reflective of cash sales in 2007 than in 2008.

Concorde Capital is a full service investment bank operating on the Ukrainian, Russian and CIS markets. In 2007 Concorde Capital’s analytical team was recognized as the Top Team covering Ukraine by Thomson Extel's Pan European Survey. Senior Analyst Alexander Paraschiy was recognized as the Leading Pan-European Investment Analyst – European Emerging Markets. Concorde Capital is a leader when it comes to private placements and M&A deals. Concorde Capital’s sale of a stake in Electron Bank to Volksbank International AG was named the Best Ukrainian M&A deal of the year 2007 by the Adam Smith Institute.