TMM Real Estate Development Reports 2010 Results
OREANDA-NEWS. April 18, 2011. TMM Real Estate Development Plc (FRA: TR61),
Key Financial Highlights:
Revenue – USD 64.4 mln compared to USD 42.2 mln in 2009
Profit for the year – USD 17.4 mln compared to loss for the year USD 14.3 mln in 2009
Total assets as at 31 Dec 2010 – USD 363.3 mln compared to USD 356.8 mln as at 31 Dec 2009
TMM's Founder and CEO Mykola Tolmachov commented: "2010 saw a strong upswing in TMM's business. During the year we completed approximately 100 thousand sq m of new residential space, increasing our market share and making good on our promise to complete all scheduled properties on time and on budget.
The second half of 2010 brought an increase in Ukrainian real estate prices compared with the depressed levels of the previous two years. This upward trend continues into 2011 and should positively effect the Company's performance in the coming years.
Our other main achievement in 2010 was in the field of corporate governance. We improved investor communication and IFRS financial disclosure and elected three high-profile independent directors to enhance compliance, form an Audit Committee, and diversify and strengthen the Board. "
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