LSR Group does badly in 2008

Bank Petrokommerz’s Stock Market Operations Department came up with an analysis of LSR Group’s financial report for 2008.

‘One could say that the results of the business’s performance last year look plainly disastrous. The company sustained about 8 billion RUR worth of losses (compare this with the similar profit figures a year earlier), although its revenues rose by nearly 40% (up to 49 billion RUR) and its gross profits went up by 50% (up to over 18 billion RUR). However, the Group’s operating loss still amounted to 5.4 billion RUR,’ the department reports.

‘Nevertheless, the drop in profits was caused entirely by the unfavorable reassessment of the company’s investment estate portfolio: this depreciated by over 16 billion RUR. Most reassessments involve four A/A+ operating business centers (Helios, Litera, Apollo, and Orlov) in Saint Petersburg - their total area amounts to more than 15,000 square meters – and four centers under construction (the largest, B+ class Electric City, being 340,000 square meters large),’ the analysts say.

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