TMM triples construction work in 9M12

TMM Real Estate (TR61 GF) increased construction work 3x yoy to UAH 198 mln (USD 25 mln) in 9M12, the company said in a Nov. 26 press release. Construction work reached half of the highest pre-crisis levels. Currently, the company is concentrating its efforts on the second and third phases of the Soniachna Brama residential project. TMM planned earlier to commission the second phase of the project by the end of 2012.

Alexander Paraschiy:  TMM Real Estate is very unlikely to convert its boosted construction efforts into growth in P&L this year. TMM reported halved yoy sales in 1H12 (to USD 14.3 mln) and even the commissioning of Soniachna Brama-2 this year will hardly enable its 2012 revenue to surpass its 2011 top line of USD 47.3 mln.