Entering text into the input field will update the search result below

UNR Holdings (UNRH) Posts Impressive Q1 2011 Performance with +100% Earnings Increase

May 24, 2011 6:08 PM ET
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

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.

For more information visit unrhs.com

Please see disclaimer on QualityStocks website: disclaimer.qualitystocks.net

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.