AFI Almost Doubles H1 Profit

AFI Development, a Russia-focused real estate company, almost doubled its net profit to $97.3 million in the first six months of 2008 on high demand for residential property in Moscow, the company said Thursday.

It said its profit before tax rose 67 percent on a year ago to $110 million.

Net asset value increased to $6.3 billion, up 8.2 percent since Dec. 31, 2007 and 13.1 percent year on year. Net asset value per share was $12.1, up from $11.2 as of Dec. 31, 2007 and 31 percent more than a year earlier.

"Demand for quality properties in Moscow and selected towns still far outstrips supply, and the depth of our resources, combined with our development pipeline, means we can expect to realize further gains," AFI CEO Alexander Khaldey said.

AFI Development is 71 percent-owned by Israeli conglomerate Africa-Israel and focuses on prime office, retail and mixed-use real estate developments in Russia.