TMM's revenue increases 55.6% yoy in 2008 - IFRS results

TMM Real Estate Development (TR61 GR) announced its 2008 consolidated audited IFRS results. The company posted revenue of USD 89.8 mln, up 55.6% yoy; profit before tax of USD 20.8 mln, down 20.5% yoy; and net income of USD 11.6 mln last year, down 8.4% yoy. Andriy Gostik: We do not think the posted financials will have any effect on the stock price. The 2008 accounts have nothing to do with the company’s future prospects and their reporting was not an event the market was waiting for as a trigger. Furthermore, due to the specifics of accounting residential real estate projects which generate cash flows through pre-sales, TMM’s P&L is more reflective of cash sales in 2007 than in 2008.