Etalon Group 1Q New Sales Rose on Higher Real Estate Demand

By Anthony O. Goriainoff

Etalon Group PLC said Wednesday that new sales for the first quarter of 2022 rose as it experienced an active demand for real estate, and that sales continue to be supported by the Russian state-backed mortgage program.

The Russia-focused construction company, which has a listing in London, said new sales for the quarter to March 31 were 19.68 billion Russian rubles ($260.2 million) compared with RUB16.2 billion for the same period in 2021.

The company sold 90,439 square meters in the first quarter, down 8% from a year earlier, Etalon said.

Average price a square meter was 32% higher at RUB217,611, it said.

Etalon said that cash collections rose 18% to RUB21.2 billion in the first quarter.

“By expanding supply through the acquisition of new projects and M&A deals, we will increase the number of projects available to our customers this year already, which will give a further boost to our operating performance,” Chief Executive Gennadiy Shcherbina said.

Write to Anthony O. Goriainoff at [email protected]