LONDON (Alliance News) - Russian real-estate developer Etalon Group Ltd Tuesday said it had achieved the best monthly new sales since it became a public company in January, with a 55% increase in ruble terms.
In a trading update, Etalon said it sold 31,219 square metres in January, up 40% from 22,362 square metres a year earlier, while sales in ruble terms rose to RUB2.7 million, from RUB1.8 million.
It said it had delivered 620 contracts, up from 451 a year earlier, at an average selling price of RUB86,838 a square metre, up from RUB78.256 a metre. Its cash collections rose to RUB3.1 million, from RUB1.5 million.
"These excellent results are primarily due to robust demand in our segment of the market, as well as to Etalon's successful efforts to expand its assortment," President Viacheslav Zarenkov said in a statement.
The company's GDR's were up 11.1% at EUR3.70 in London Tuesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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