(LONDON, October 18, 2013) - PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, is pleased to publish a trading update for nine months ended September 30, 2013 based upon management accounts.
9 months 2013 key highlights:
- Total net cash collections up by 25.7% to RUB 52.2 billion (9 months 2013: RUB 41.6 billion);
- Cash collections from sale of apartments to individuals increased by 39.3% to RUB 52.2 billion (9 months 2013: RUB 41.6 billion)
- Cash collections from construction services and other activities slightly declined by 8.8% to RUB 8.4 billion (9 months 2013: RUB 9.2 billion);
- New launches consolidated at 33 properties on sale (9 months 2013: 30) of which 23 came from Moscow Metropolitan area, demonstrating a healthy operational run-rate;
- New sales contracts to customers grew to 473 thousand square meters, up by 7.7% yoy driven by underlying fundamental demand for affordable housing;
- Mortgage backed sales continued to rise strongly, reaching 42.2% in 3Q13 on the back of macroeconomic stability and customer confidence; mortgage rates remained stable for the period;
Operational environment remains good; PIK corrects its 2013 guidance on new sales contracts to customers between 670,000-690,000 square meters with total gross cash collections of RUB 71-73 billion.