* Posts 900 million rouble net loss vs year-ago profit
* Interest costs up to 2.8 bln rbls from 1.3 bln in H1 2011
* Revenue falls to 15 bln roubles from 23 bln the year
* EBITDA down to 1.8 bln rbls from 5.5 bln rbls
MOSCOW, Sept 18 PIK Group, one of
Russia's largest homebuilders, said on Tuesday it swung to a net
loss in the first half year due to high interest expenses.
The company, part-owned by billionaire Suleiman Kerimov,
said net loss in the January through June period totalled 900
million roubles ($29.43 million) after a net profit of 3.2
billion roubles in the first half of last year.
The result is broadly in line with analysts' expectations.
PIK said its interest expenses grew but so did its debt, the
latter reaching 43.2 billion roubles at the end of the first
Its total revenue fell by a third to 15 billion roubles due
to slower project completions, related to the company's
PIK plans to transfer the bulk of housing to customers in
the second half.
"The second half of the year will see building revenues as
new buildings are completed and the transfer of apartments to
customers gathers pace," the company said in a statement.
It also reiterated full-year guidance on new sales to
customers within the range of 600,000-650,000 square metres with
corresponding total cash collections of 62-67 billion roubles.
The company, which specialises in low cost housing, also
said its earnings before interest, taxation, depreciation and
amortisation (EBITDA) fell to 1.8 billion roubles from 5.5
billion roubles the year earlier.