OREANDA-NEWS. October 8, 2012. TMM Real Estate Development PLC (FRA: TR61) ("TMM" or the "Company") announces publication of its interim condensed consolidated financial statements as at 30th June 2012. The financial statements were prepared in accordance with IAS 34 Interim Financial Reporting.

Larysa Chyvurina, CFO, commented: "TMM's H1 2012 revenue structure reflects the company's current strategy of increasing the volume of construction services rendered to third parties in order to diversify the sources of income. Revenue from construction contracts and other construction, engineering and design services made up 36% of the total revenue.

The y-o-y decrease in sales of completed inventory property from USD 17.4mn to USD 5.5mn is largely caused by the lack of new commissions in H1 2012. The second phase of the Lomonosova Str. project is currently under active construction with pre-sales underway, however, the proceeds are not yet reflected in revenue.

In H1 2012, TMM obtained an additional USD 8.4mn debt financing within the limits of an existing credit line. The funds were directed to finance the Lomonosova Str. project construction."

Key Financial Highlights:

USD  thousands, unless otherwise indicated

1H12

1H11

Revenue

14,306

22,755

 

 

 

Gross profit

3,654

3,153

Gross margin, %

25.5%

13.9%

 

 

 

Operating profit / (loss)

1,590

-2,324

Operating margin, %

11.1%

neg

 

 

 

Profit / (loss) before tax

-2,618

-11,312

 

 

 

Profit / (loss) for the year

-3,193

-11,546

 

 

 

Total assets

381,329

377,072

Net debt*

142,792

130,536

* - Net debt is calculated as total debt less cash and cash equivalents