Development and construction group Etalon raised guidance on sales after third-quarter new contract sales jumped sharply supported by 'high demand' for the group's projects.
For the three months ended 30 September, new contract sales grew 40% to RUB 16.8bn and grew 35% in sqm year-on-year to 154,097 sqm. While the number of new contracts increased by 27% year-on-year to 2,962.
Etalon said cash collections increased by 21% year-on-year to RUB 15,011m and the average price per sqm was RUB 125,889, up 10% year-on-year.
'Due to well-coordinated efforts of the management team, combined with high demand for Etalon Group's projects, we have been able to achieve the best operating results in the Company's more than 30-year history,' said Group Chairman Viacheslav Zarenkov.
'With this impressive set of operating results, we can confidently say that we are outperforming our FY 2018 guidance, announced in the beginning of the year. In January we set ourselves the goal to increase annual real estate sales by 13% to RUB 57 billion.'
'Given that in the first nine months of 2018 we have already achieved 78% of the original guidance, we decided to raise our FY 2018 new contract sales target to RUB 60.2 billion, which represents growth of 20% year-on-year.'