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. Last Updated: 07/27/2016

Enka's First-Half Profit Rises 13%

Enka Insaat ve Sanayi, Turkey's biggest builder and energy producer and a major player in Moscow's real estate market, said that first-half profit advanced 13 percent as sales increased.

Net income rose to $68.1 million from $60.4 million one year earlier, Enka said on its web site. Sales added 11 percent to $464 million, it said, without giving details for different businesses.

Enka's construction unit has more than $1 billion of construction projects in progress, including a dozen in Russia.

In Moscow, Enka has completed 12 business centers worth $400 million and is the biggest landlord of commercial office space, with properties such as Riverside Towers and Sadovaya Plaza. In 2003, it opened the 111-meter, 26-story Paveletsky Tower.

Enka is also a partner in retail chain Ramstore, through its participation in Ramenka since 1997. The company has five hypermarkets and 15 supermarkets in Moscow, Krasnoyarsk and Kazan. It reported sales of $300 million last year.

(Bloomberg, MT)