UNR Holdings Inc., a housing and commercial construction and development company, today announced first quarter financial results for the quarter ended March 31, 2011.
Total revenues for the quarter increased 103.6 percent to $39.9 million, compared to $19.6 million for the quarter ended March 31, 2010. The company attributes the stellar increase to a gradual pickup in its construction and development business paired with substantially higher prices for apartments and commercial space.
Income from operations increased 81 percent to $22.8 million compared to $4.2 million reported for the comparable quarter ended March 31, 2010.
The company reported a 77 percent increase in first quarter 2011 net income to $12.3 million, or $0.51 per share, compared to $2.8 million, or $0.11 per share for the quarter ended March 31, 2010.
Alexey Kim, CEO of UNR, said the solid first quarter 2011 results demonstrate Moscow’s improving real estate market, the company’s proven business strategy, and several other variables.
“We also have seen significant improvement in the sales of our patented proprietary material Prudon 494, that shows signs of the recovering infrastructure market and the increasing interest towards our product. We anticipate continued moderate growth in both the construction and infrastructure segments of our business as Russia continues to recover from the effects of the global economic downturn of the past two years. As one of Moscow’s long-standing and stable construction companies, we believe we are very well positioned to benefit from the upturn in Russia’s real estate market,” Kim stated.
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