TMM property sales down 5% yoy in 4Q09

TMM (FSE: TR61 GR) reported yesterday in a press release that its fourth quarter cash receipts from property sales amounted to UAH 97.3 mln, down 5% yoy. For 2009, the developer said its property sales came to UAH 255.5 mln, down 36% yoy. The company said that last year’s sales from Kyiv constituted 71% of the total, Kharkiv – 27% and Zhytomyr – 2%. Sales from completed projects came to 77% of cash sales and 23% from pre-sales.  Andriy Gostik: Despite the devastating effect of the economic slump on the construction industry in 2009, TMM managed to retain its cash generation at a surprisingly healthy level. The developer’s cash flow stream saw a substantial improvement starting from fall last year. In our view, in 2010 the company is set to gear up, as the national economy and, respectively, household incomes, start a gradual recovery.