OPIN posts 1H Net Profit jump

Russian property developed OPIN has unveiled a 1H 2008 Net Profit of $90.6 million under IFRS.

The bottom line result was up 239% from the $37.8 million posted over the same period 2007, with pre tax profits up by 297% to $127.3 million, on earnings of $151.2 million, up 81% year on year.

The company attributes the result to increasing house sales and the strong performance of existing projects, coupled with the expansion of OPIN’s land bank, which more than doubled over the half to reach more than 12,000 Hectares.