Mirland H1 Profit Tumbles to $3.1M

Property company Mirland Development said Monday that its net profit tumbled 95 percent in the first half of 2008 compared with the same period of 2007, when earnings were boosted by asset revaluation.

Mirland, which is listed on London's junior stock exchange, AIM, said net profit fell to $3.06 million from $59.48 million in the first half of 2007, when it revalued three commercial projects that had been completed in the period to June 30, 2007.

Revenues, including rental income and property management fees, more than doubled to $9.84 million from $4.32 million. Earnings per share were $0.0296 compared with $0.574 in the first six months of 2007. Net asset value per share was $11.9 compared with $11.0 as of June 30, 2007.

The company, controlled by the Israeli Fishman Group, focuses on developing commercial and residential real estate in Moscow and St. Petersburg and commercial projects in other large cities across the country.