icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
4 May, 2010 11:53

Sistema-Hals posts FY 2009 net loss of $555.4 million

Sistema-Hals posts FY 2009 net loss of $555.4 million

Real estate development company, Sistema-Hals has posted a net loss of $555.4 million under US GAAP.

The bottom line is a 45.7% worsening of the FY net loss of $381.09 million, with OIBDA falling 159% to minus $340.5 million and revenue slumping 76% to $64 million from $274.6 million for FY 2008.

The figures reflect the buffeting of the property development sector in the face of the Russian economic downturn of the last 18 months, with Sistema-Hals share of projects being reduced in value by 31% after an independent audit. The company has also incurred a $273 million impairment loss on some of its development portfolio and sold other subsidiaries or projects.