October 16, 2017 / 2:52 PM / 5 months ago

Russian homebuilder Etalon lowers 2017 new contract sales fcast

MOSCOW, Oct 16 (Reuters) - Russian homebuilder Etalon is unlikely to meet its forecast for 20 percent growth of new contract sales in 2017 due to delays in sales launches, Chief Executive Officer Vyacheslav Zarenkov said on Monday.

The sales growth is now seen in excess of 10 percent in 2017 in terms of square metres, Zarenkov said on a conference call with analysts.

Etalon’s new contract sales were up 7 percent year-on-year in the third quarter at 113,979 sq m, it said earlier on Monday.

In the fourth quarter, sales growth is expected to pick up as Etalon plans to launch sales of 426,000 sq m of housing, compared to 133,000 sq m in the third quarter, Zarenkov said. (Reporting by Maria Kiselyova and Olga Sichkar; editing by Vladimir Soldatkin)

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