TMM reports 7.5x increase in net income in 2008

TMM Real Estate (TR61 GR) announced in a press release yesterday its 2008 financial results according to Ukrainian accounting standards: net income of 121 mln, up 7.5x yoy; revenue from sales of UAH 677 mln, up 2x yoy; and net revenues of UAH 564 mln, up 2x yoy. Last year the company put into operation 74.8 m2 of residential real estate, including its Triumph premium-class complex in Kyiv (June 2008) and its Topaz business-class building in Zhytomyr (Dec. 2008). The company said that its volume of construction works rose 21% yoy in monetary terms to UAH 509 mln. TMM also reported that its sales of residential real estate increased 35% yoy to 36 ths m2.