PJSC LSR Group: LSR Group reports its financial results for the first half of 2020
PJSC LSR Group (LSRG)
LSR Group announces financial results for the first half of 2020
St. Petersburg, Russia - 28 August 2020 - PJSC LSR Group ("LSR" or the "Company") (LSE: LSRG; MOEX: LSRG), one of the leading real estate developers and building materials producers in Russia, today announces its audited consolidated IFRS results for the first six months ended 30 June 2020. 1H 2020 Financial Highlights:
Events during and after reporting period:
Andrey Molchanov, CEO of PJSC LSR Group, commented:
"I am delighted with the financial performance of LSR Group in the first half of 2020, which reflected the strengths of our business and our ability to maintain leading market positions despite challenges related to the COVID-19 outbreak. We rapidly adapted our business processes to a new reality and we were able to maintain an acceptable sales and construction dynamics, which helped us to increase our revenue by 3% year-on-year to RUB 48.1 billion. Operating profit increased by 16% to RUB 6.7 billion thanks to particularly strong revenue dynamics of the real estate development and construction business in St. Petersburg and our effective cost management in the reporting period. EBITDA margin improved to 19%, while net income surged 38% year-on-year to RUB 2.6 billion. We secured solid financial position with a substantial cash balance of RUB 67.0 billion as at the end of 1H 2020. Given the strong results for the first six months of the year, I am confident that LSR Group is well positioned to continue achieving its strategic goals and to further strengthen its market position in the key regions of presence."
Full version of the press release is available in PDF-format (link below) and on www.lsrgroup.ru For further information, please visit www.lsrgroup.ru or contact: Igor Tsoy Director of Investor Relations and Sustainable Development E-mail: [email protected] About LSR Group: PJSC LSR Group is a real estate development and building materials company founded in 1993 and operating in a number of complementary market segments. Its core business areas are production of building materials and real estate development and construction. LSR Group's main operations are located in St. Petersburg and Leningrad Region, Moscow and Moscow region and Yekaterinburg. As of 31 December 2019 (according to Knight Frank), the net sellable area of projects in LSR Group's real estate portfolio amounts to 7.6 million m2 with the market value of RUB 207 billion. In accordance with its audited IFRS consolidated financial statements for 2019, LSR Group reported revenue of RUB110.4 billion, Adjusted EBITDA of RUB21.0 billion and Net Profit of RUB7.5 billion. Ordinary shares of the Company are traded on the Moscow Exchange (MOEX: LSRG) and GDRs representing its ordinary shares are traded on the London Stock Exchange (LSE: LSRG).
[1] Adjusted cash flow from operations before income taxes and interest paid, including cash in escrow accounts received during the reporting period [2] Cash balance, including cash in escrow accounts [3] Including cash in escrow accounts Attachment File: LSR Group reports its financial results for the first half of 2020 |
ISIN: | US50218G2066 |
Category Code: | IR |
TIDM: | LSRG |
LEI Code: | 25340067LEEMJ79K8X43 |
OAM Categories: | 2.2. Inside information |
Sequence No.: | 83142 |
EQS News ID: | 1124833 |
End of Announcement | EQS News Service |
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