Support The Moscow Times!

Hals Development Losses Grow Fivefold to $156M in 2013

Real estate company Hals Development made a loss of 5.6 billion rubles ($156 million) in 2013, outdoing its 2012 losses by five times, according to the company's IFRS financial statements published on their website.

The loss is Hals' third in a row — in 2011, the company lost 3.5 billion rubles; in 2012, 1.1 billion rubles. Hals explained the poor result by saying that it did not redeem commissions owed by the state for the construction of residential real estate, meaning that a portion of sale revenue is absent from the financial statements. Most of Hals' residential property will be sold from 2014 to 2016, the company said, adding that it planned to break even in 2014 and record a profit in 2015.

Hals' shares on the London Stock Exchange had fallen 14 percent by mid-afternoon trading.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.