TMM doubles housing pre-sales in 1H08

In a press-release yesterday, TMM (TR61 GR: BUY) said it boosted its 1H08 housing pre-sales 2x yoy to 20,727 ths m2 (+147% in money terms). The company announced it signed sale contracts for housing of 5,458 ths m2 in Kyiv, 13,113 in Kharkiv and 2,156 m2 in Zhytomyr.  Alexander Romanov: TMM’s pre-sales remained immune to the tightening in Ukraine’s mortgage market. We explain this by the fact that TMM operates primarily in business and premium class segments and the company’s client base is affluent enough to pay for the apartments from their savings and incomes without taking bank credits.