AFI Development reports strong growth in rental income during H1

AFRB : AFI Development reports strong growth in rental income during H1

AFI Development has released its interim results for the first half of 2014. Rental and hotel operating income has grown by 9% year-on-year to US$74.8m, whilst the contribution from AFIMALL City (pictured) grew 18% year-on-year to US$56.6m (H1 2013: US$48.0m). The gross value of portfolio of properties at the end of Q2 was US$2.5bn (up from US$2.4bn at the end of Q1 2014), whilst Net Operating Income was US$39.3 million for H1, representing 27% growth 27% year-on-year. Occupancy levels improved during H1 despite a backdrop of reportedly increasing political and macroeconominc uncertainty in Russia (82% of total leasable area at 30 June 2014 vs. 79% as at 31 December 2013). Gross profit reached US$27.5m in H1 2014, whilst Net profit was US$3.7 million.

AFI Development Plc is a real estate company focused on developing property in Russia. Its A and B-Shares are represented by Global Depository Receipts (GDRs) listed on then London Stock Exchange.