Russia emerging from hibernation, says MirLand

16th Mar 2011 13:51

Russian property developer MirLand Development moved back into the black in 2010, helped by a rise in the fair value of its investment properties.Net income totalled $23.2m, compared to a post-tax loss of $23m the year before. In 2010, the value of the company's investment properties was marked up by $29.6m whereas the year before the company took a $16.5m hit on its property portfolio.Total revenues grew to $21.6m from $17.2m in 2009, as occupancy rates improved and the company started selling off units at its Western Residence project in Perkhushkovo.The value of the company's assets improved to $708.4m in 2010 from $611.7m the year before, while the net asset value per share improved to $4.80 from $4.60 at the end of 2009."I am encouraged by the steady progress we have made in the ongoing difficult market conditions," said MirLand's chairman, Nigel Wright. "There are now clear signs of improvement in the Russian economy, its real estate sub-sector and, most importantly, the domestic banking sector appears to be emerging from hibernation, albeit cautiously," he added.