- AFI Development reported year-on-year growth in first-half revenue and gross profit owing largely to residential presales.

Residential presales was responsible for approximately 62% of its total revenue, which grew to almost US$182m. Sales of residential properties contributed US$116.6m to total revenue

Gross profit for the six-month period was US$92.8m.

'During the period, we leveraged our improving profitability to reduce our external debt and to repay US$107.2 million to VTB Bank relating to a number of existing loans,' the company said.

'At the same time, we are concerned with pace of sales across our residential portfolio, which remains subject to volatile market conditions, and with general vulnerability of the Russian economy to external and internal challenges.'

At 9:43am: [LON:AFRB] AFI Development Plc share price was -0.01p at 0.21p

Story provided by