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UPDATE 1-Russia's Etalon says Q2 sales rise 37 pct
July 16, 2012 / 8:53 AM / 5 years ago

UPDATE 1-Russia's Etalon says Q2 sales rise 37 pct

* Sales up 37 pct y/o/y at 5.2 bln roubles

* Cites “phenomenal growth” in prices

* Says demand returning to pre-crisis levels

MOSCOW, July 16 (Reuters) - Russian housebuilder 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 centres 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 roubles ($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 Viacheslav 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 which was priced at $7 a share and raised $575 million. Its shares closed on Friday at $6.01.

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