(LONDON, September 26 2011) - PIK (LSE: PIK), a leading Russian residential developer, today announces its consolidated IFRS financial results for 6 months ended June 30 2011.

Financial Summary

• Total revenues were up by 50.7% to RUB 22.8billion (1H10: RUB 15.2billion)
• Gross profit increased  to RUB 3.7billion (1H10: negative gross profit of RUB44million), while gross profit margin amounted to 16.4% (1H10: negative)
• Earnings before interest, taxes, depreciation and amortization (EBITDA) reached RUB5.0billion (1H10: negative EBITDA of RUB3.2billion)
• Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) from development activities  were  at RUB 1.8 billion (1H10: RUB (1,7) billion))
• Net income came out of the negative territory and reached RUB3.2billion (1H10: net loss of RUB5.2billion)
• Total assets as of June 30 2011 increased to RUB 129 billion (1H10: RUB 122 billion)
• Net debt as of June 30 2011 amounted to RUB 42.5 billion (1H10: RUB 38.9 billion)