Russian housing builder Etalon said on Monday its sales for the second quarter rose 37 percent in value terms on the same period a year ago, due to "phenomenal growth" in prices.
The company, which builds tall residential complexes, business centers and industrial facilities, mainly in St. Petersburg and Moscow, said demand was rapidly returning to levels seen prior to the last financial crisis.
Second-quarter sales rose to 5.2 billion rubles ($159 million), the company said.
Russia's real estate market froze in the wake of the financial crisis of 2008-09, but delayed and new projects are now coming back on line.
Etalon is 47.2 percent owned by founder and chairman Vyacheslav Zarenkov and people related to him, according to the company's website. Zarenkov is Russia's 120th richest businessman, according to Forbes Russia, with wealth of $800 million.
Private-equity fund Baring Vostok owns 11.1 percent of the company.
Etalon went public in April 2011 with an IPO in London that was priced at $7 a share and raised $575 million.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
