Russia's PIK 2013 net income more than doubles

MOSCOW, April 22 Tue Apr 22, 2014 7:56am EDT

MOSCOW, April 22 (Reuters) - Russian homebuilder PIK said on Tuesday its 2013 net income more than doubled to 7.4 billion roubles ($207.4 million), in part thanks to a reversal of a tax provision and as it cut debt.

PIK said its net finance costs fell by 37.3 percent last year to 3.7 billion roubles due to a reduction in gross debt and as it also recognised a reversal of a tax provision in the amount of 1.3 billion roubles.

The company also reported an 8 percent decline in first-quarter total cash collections to 16.1 billion roubles and said new sales contracts fell as its development schedule envisaged an increase in the number of new project launches not earlier than the second half of 2014.

($1 = 35.6858 Russian Roubles) (Reporting by Maria Kiselyova; Editing by Megan Davies)

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