Ukraine’s TMM Says Revenue Drops 37% on Lack of New Projects

TMM Real Estate Development Plc (TR61), Ukraine’s biggest property developer, said first-half sales fell 37 percent as the construction industry contracted.

Revenue at TMM Real Estate declined to $14.3 million in the six months ended June 30, 2012 from $22.8 million in the same period a year earlier, the company said in an e-mailed statement today. The lack of new projects caused more than a three-fold decline in sales of completed property in the period to $5.5 million from $17.4 million a year earlier, TMM said.

Ukraine’s construction industry declined by 8 percent in the first eight months of the year, Prime Minister Mykola Azarov said on Sept. 19. This caused economic growth to slow to 1.5 percent in the period compared with 2.5 percent in the first half of the year, said Azarov.

To contact the reporter on this story: Kateryna Choursina in Kiev at kchoursina@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net