Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Etalon Stocks Tumble

Depositary receipts on Etalon Group, or ETLN, a St. Petersburg-based builder listed in London, tumbled 14 percent last week to $3.43, bringing the quarterly loss to 31 percent, Bloomberg reported.

Credit Suisse cut its rating on Etalon's stock to hold and reduced the annual earnings forecast by 43 percent, citing "pricing and cost dynamics," 12-month delays for some projects and a lack of communication from company management.

Prices for new residences in St. Petersburg, Etalon's primary market, have edged up just 0.5 percent this year after jumping 11 percent last year, according to property website Byulleten Nedvizhimosti. Prices in Moscow have stayed flat this year after advancing by at least 10 percent in each of the past three years.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

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 you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more