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Russian homebuilder PJSC PIK's 9-month new sales contracts up 11.8% YOY

Russian homebuilder PJSC PIK Group's new sales contracts for the nine months ended Sept. 30 reached 156.13 billion rubles, up 11.8% annually from 139.64 billion rubles.

The new sales contracts span roughly 1.3 million square meters, down 1.5% from the same period in 2018.

Total cash collections amounted to 199.91 billion rubles, up 27.9% from 156.28 billion rubles in the first nine months of 2018. Sales of real estate, including collections to the escrow account, generated 154.93 billion rubles, while cash collections from construction services and other operations reached 44.98 billion rubles.

The company put on sale two new projects in the January to September period, down from 12 projects in the comparable period in 2018. PJSC PIK put on sale 62 new buildings, compared with 72 new buildings in the previous year.

As of Oct. 14, US$1 was equivalent to 64.34 rubles.