AFI Development earns $22M from AFIMall
Company signs agreement with VTB bank to reduce interest rate on Moscow mall loan from 13.25% to 11.5%. 'Occupancy rates and number of visitors are climbing,' says AFI Chairman Lev Leviev
AFI Development, controlled by Africa Israel Investments, reported $58.2 million in revenues as compared with $39.5 million in the same quarter last year – a rise owning mainly to the opening of the company's flagship mall – AFIMall.
The company's cash balance is $96.1 million as compared with $129.8 million at the end of 2010. The real estate company, which is active in Russia, forecast it will maintain high liquidity in view of rental income.
"The occupancy rate and number of visitors in the AFIMALL is on a steady rise," said company Chairman Lev Leviev upon the publication of the company's financial statements, emphasizing the company's procurement of full ownership of the mall.
In the bottom line, the company reported an $11.8 million net profit as compared with a $54.5 million in the same quarter last year. The profit is due mainly to an asset reevaluation which contributed $23.1 million to the company's income.
During the reported quarter, the Russian ruble grew stronger by 7.8% as measured against the dollar which earned the company $11.6 million in foreign currency.
The company also announced that it was about to complete the Ozerkovskaya Embankment and the Kalinina Spa Hotel projects by the end of 2011.
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