LONDON (Alliance News) - AFI Development PLC Friday reported a significant drop in first-quarter net profit but said it's "cautiously optimistic" for the rest of 2015 because of recovering oil prices and a better macroeconomic picture.
The real estate company, which develops property in Russia, said net profit amounted to USD6.0 million in the three months ended March 31, compared with USD24.3 million in the corresponding quarter the prior year.
"Although a weaker rouble and the general economic downturn in Russia have caused a decline in our revenues, AFI Development has continued to demonstrate stable operational results during the first quarter of 2015," Executive Chairman Lev Leviev said in a statement.
"Given the recent oil price recovery and encouraging macroeconomic developments since the start of the second quarter, we are cautiously optimistic for the remainder of 2015," Leviev said.
AFI Development shares were up 2.6% at USD0.298 on Friday.
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