Russian developer Sistema-Hals has returned to the black.
It made a net profit of $8.6m (£4.9m) in the first half of the year compared with a loss of $99.57m (£56.8m) last year.
The company, which counts former MP John Gummer and former chairman of Coca-Cola Douglas Daft among its board of directors, also saw revenue growth of 75% rising to $227.1m (£129m) for the fist half up from $129m (£73.7m) for the same period last year.
The company said growth was driven by sales - including that of the Rochdelskaya 22 project, a 150,000 sq ft office scheme in Moscow valued at $17.5m (£10m). It also said revenue came from fees from municipal governments, including those of Moscow and St Petersburg as well as revenue from asset management fees.
Its property portfolio was valued by Cushman & Wakefield Stiles & Riabokobylko at $3.768bn (£2.15bn) – virtually unchanged on earlier.
Sergey Shmakov, CEO of Sistema-Hals, said: ‘As part of the on-going rebalancing of the portfolio we have made a number of important project acquisitions, but at the same time we have also sold some non-core assets and as a result, the uplift in valuation of the portfolio has been less than in previous periods.’