PJSC LSR Group (LSE: LSRG; MOEX: LSRG), one of the leading real estate developers and building materials producers in Russia, today announces its operating results for the first quarter ended 31 March 2021.
New contract sales reached RUB 19 billion. Share of mortgage sales increased to 63% compared to 51% in the first quarter of last year. 1Q 2021 Highlights:
- New contract sales declined by 14% YoY, reaching RUB 19 billion, or 142 th. sqm;
- Share of mortgage sales amounted to 63%, up from 51% in 1Q 2020;
- Completions reached 67 th. sqm of net sellable area, up 23% compared to 1Q 2020;
- New 225 th. sqm of net sellable area was launched in the reporting period;
- The results of building materials segment were in line with the Company’s expectations.
Andrey Molchanov, CEO of PJSC LSR Group, commented:
“In the first quarter of 2021 our sales in monetary terms expectedly declined by 14% year on year following strong results of 2020.
Sales dynamics was partly explained by the completion of large-scale mass-market projects in St. Petersburg last year, Shuvalovsky and Novaya Okhta, which we had been actively selling in the first quarter of 2020. At the same time, we recorded solid sales in our current projects. For example, sales in our residential complex Civilization increased by 63% in square meters compared to the same period last year.
In the Moscow region sales declined due to our limited offering. Nonetheless, we are very pleased with the results of our flagship project ZILART. Despite the launch of premium buildings last year, sales increased by 3% in square meters in the first quarter of 2021.
Overall, we continue to see stable demand for our offering, which we also plan to expand this year. We have already launched 225 thousand square meters in the reporting quarter, with an intention to launch around one million square meters this year."
Full version of the press release.
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