Russian homebuilder PIK inches up 2013 guidance
MOSCOW Oct 18 (Reuters) - PIK Group, one of Russia's largest homebuilders, said on Friday its operational environment remained good, supported by solid demand for affordable housing, as it inched up its 2013 guidance for future revenues.
PIK expects total gross cash collections of 71-73 billion roubles ($2.2-$2.3 billion) in 2013, compared with its previous forecast of 69-73 billion roubles, after nine-month collections reached 52.2 billion roubles, up by a quarter from the year earlier. Cash collections are recognized as sales revenue once properties have been completed, it said.
It also revised guidance for new sales contracts to customers to 670,000-690,000 square metres compared with its previous estimate of 660,000-700,000, it said in a statement.
Nine-month new sales contracts grew by 7.7 percent to 473,000 square meters.