MirLand Development Corporation’s final results, for the year ended 31 December 2014, show an 18% increase in total revenues from investment properties. The company says this is due to both an increase in income from yielding assets as well as full consolidation of the Vernissage Mall in Yaroslavl. However, Mirland has also suffered a loss of $62.9m, during 2014, due to the ongoing impact of adverse conditions in the Russian economy (net income for 2013 was $6.2m). Net leverage stands at 56.9% of total assets (31 December 2013: 40.1%) and the Company is continuing its discussions with the trustees of the Series A-F bondholders to agree a restructuring of its debt and intends to provide a further update to the market in due course.
MLD : Mirland posts loss of $62.9m due to Russian economic conditions