LSR Group reports its operating results for the first quarter of 2020
Strong sales performance with new contract sales up 19% year-on-year in RUB terms
and the average price growth of 13% year-on-year.
St. Petersburg, Russia - 13 May 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 first quarter ended 31 March 2020.
Q1 2020 Highlights:
- New contract sales increased by 19% to RUB 23 billion, or 198 th. sqm;
- Average price per sqm increased by 13% year-on-year reaching RUB 127,000;
- Share of mortgage sales amounted to 51%, compared to 49% in the first quarter of 2019;
- Completions reached 54 th. sqm of net sellable area, up 33% year-on-year and in line with the project schedule;
- New 101 th. sqm of net sellable area launched in the reporting period;
- Solid performance of the building materials segment;
- LSR Group announced a buyback programme in the amount of up to RUB 5 billion.
Andrey Molchanov, CEO of PJSC LSR Group, commented:
"LSR Group delivered strong results in the first quarter of 2020. New contract sales on the group level increased by 19% year-on-year as a result of our well-structured market offer that meets customer needs and requirements. Price growth continued, with the average price increasing 13% year-on-year.
Saint Petersburg development business unit performed exceptionally well, with sales up 32% year-on year, while Moscow business unit continued to deliver strong results, achieving a 24% sales increase in the business market segment."
Full version of the press release is available in PDF-format (link below) and on www.lsrgroup.ru
For more information please contact:
Director of Investor Relations and Sustainable Development
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).