PJSC LSR Group (LSRG)
LSR Group reports its operating results for thenine months of 2020
New contract sales increased by 38% YoY in St. Petersburg leading to the Group's sales growth of 16% YoY.
St. Petersburg, Russia - 20 October 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 operating results for the third quarter and nine months ended 30 September 2020. 9M 2020 Highlights:
3Q 2020 Highlights:
Events during and after reporting period:
Andrey Molchanov, CEO of PJSC LSR Group, commented: "We delivered excellent results in the first nine months of the year, especially in the third quarter. Our achievements during this period were facilitated by the government mortgage rate subsidy program, as well as by our exceptional product offering. During the third quarter, we recorded a 48% growth in new contract sales in monetary terms with an increase observed across all regions of our presence. Furthermore, we almost doubled this figure in St. Petersburg, where we saw an increase of 73% in sqm sales and 15% growth in an average price. A variety of our mass-market projects and distinctive features of offered apartmentssucceeded to meet customer demand, with particularly strong sales in our flagship projects Tsvetnoy Gorod and Civilization. Overall, given the government's initiatives to prolong the subsidy program until 1 July 2021, our own competitive edge and strong financial position, we remain optimistic about our business prospects." *** Full version of the press release is available in PDF-format (link below) and on www.lsrgroup.ru *** For more information please contact:
Igor Tsoy Director of Investor Relations and Sustainable Development E-mail: IR@lsrgroup.ru
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 the Leningrad Region, Moscow and the Moscow region and Yekaterinburg. As at 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). www.lsrgroup.ru |
ISIN: | US50218G2066 |
Category Code: | TST |
TIDM: | LSRG |
LEI Code: | 25340067LEEMJ79K8X43 |
OAM Categories: | 2.2. Inside information |
Sequence No.: | 86185 |
EQS News ID: | 1141803 |
End of Announcement | EQS News Service |