Thursday March 27, 02:32 PM
AFI Development says NAV up 14% since IPO
LONDON (ShareCast) - Russia-focused real estate company AFI Development more than doubled pre-tax profit in 2007 and said net asset value (NAV) had grown 14% since it listed in London last May. The group posted a profit before tax for
the year ended 31 December 2007 of $275.5m, up from $113.3m the year before.Meanwhile, NAV rose to $5.9bn, or $11.20 a share, up 4.6% since the end of June 2007 and 14.1% since the IPO. "The strength of our local management and the notable advances in our construction, acquisition and leasing programmes have been key factors behind the substantial rise in the company's net asset value and profit in 2007," said chairman Lev Leviev. "We believe that our performance provides clear evidence of the qualities which differentiate both the dynamic Russian real estate market and, more specifically, the significant potential of our company's portfolio." Chief executive Alexander Khaldey added that the business is "extremely well placed to continue to deliver significant capital growth for the benefit of all of our shareholders going forward."
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