TMM increases sales of property 50% yoy in 3Q13

TMM Real Estate (TR61 GR) increased sales of real estate property 22% yoy to UAH 163.6 mln (USD 20 mln) in 9M13. From total cash proceeds, 69% was gained from sales of completed property, according to the company’s release on October 16.

Alexander Paraschiy: The result is clearly encouraging for TMM as it demonstrates the company’s improving selling activity, which most likely was driven by a higher supply of completed apartments (as TMM has commissioned two big projects in the beginning of this year). The 9M13 result implies TMM sold property for total proceeds of UAH 80.8 mln just in the third quarter, which is nearly the same amount that it earned during the first six months of the year (UAH 82.8 mln). The 3Q13 property sales result is 50% higher than 3Q12, we estimate.