AFI Development, a leading company in the Russian real estate market specializing in the implementation of development projects, has published preliminary results of financial statements for the 1st quarter of 2018 (the last day of the reporting period is March 31).

Financial indicators for the 1st quarter of 2018:

• The Company's revenue in the 1st quarter of 2018 reached 49.4 million dollars, including proceeds from the sale of apartments, showing an increase of 4% compared to the same period last year.
• Revenue from rental of real estate, including revenue from the operation of hotels, increased by 22% compared to the same period last year, and amounted to 31.2 million dollars.
• The revenue of the Afimall City shopping center amounted to $22.1 million, an increase of 13% compared to the same period of 2017 ($19.5 million in the 1st quarter of 2017).
• The proceeds from the sale of residential real estate amounted to $17.9 million.
• The Company's gross profit decreased and amounted to $15.8 million ($16.1 million in Q1 2017).
• During the reporting period, the Company's net profit amounted to 5.1 million dollars against a net profit of 1 million dollars in the 1st quarter of 2017.
• The gross value of the portfolio of core assets did not change and amounted to 1.42 billion dollars.
• The Company's cash in cash and securities increased to $118.5 million at the end of the reporting period (compared to $106 million at the end of 2017).

Lev Levaev, Chairman of the Board of Directors of AFI Development, commented on these indicators: «In the first quarter of 2018, AFI Development maintained positive growth dynamics of key indicators of the previous year. Despite the difficult economic situation and high competition, the Afimall City shopping center has achieved convincing operational results, which have affected the Company's overall profit. Summing up the financial results of the beginning of the year, we expect to strengthen the Company's market positions in the relevant segments through the implementation of landmark real estate projects for the city.