This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine
MOSCOW, March 29 (Reuters) - Russian property developer Etalon on Wednesday attributed a 332% jump in 2022 net profit to its "favourable" purchase of Finnish competitor YIT's local assets, becoming a clear beneficiary of the Western corporate exodus from Russia.
Scores of foreign companies have left Russia since Moscow despatched tens of thousands of troops into Ukraine in February 2022, with many forced to sell at huge discounts and incurring large write-downs.
Etalon completed its purchase of YIT's business in Russia last May for about 50 million euros ($54.2 million). YIT booked an impairment of approximately 150 million euros in its Q1 income statement last year.
Etalon's net profit surged to a record 13 billion roubles ($169.2 million) last year, it said on Wednesday.
However, revenue amounted to 80.6 billion roubles, a 7.5% year-on-year drop, while earnings before interest, tax, depreciation and amortisation (EBITDA) fell 7.8% to 16.5 billion roubles, according to Reuters calculations.
"In 2022, we undertook a great deal of work to improve the quality of our portfolio, including by acquiring other players with attractive land banks," said Etalon Group CEO Gennadiy Shcherbina.
"Thanks to the conclusion of a deal with YIT on favourable terms, net profit for the year increased more than fourfold, reaching a record 13 billion roubles." ($1 = 0.9232 euros) ($1 = 76.8500 roubles) (Reporting by Alexander Marrow;Editing by Elaine Hardcastle)
