R.G.I International, a developer of quality residential and commercial properties in Moscow and the surrounding areas, saw positive sales momentum in its V-Lesu residential development with cash collections 35 per cent higher than in the previous quarter.
452 apartments have now been sold bringing the total area sold from Phase 1 to 29,095 sq. metres. The share of sales financed by mortgage contracts in the first half was around 60%, reflecting the high number of occupier rather than investment purchasers within V-Lesu's customer profile. Sales at the Tsvetnoy Central Market department store continued to improve, up 89% year-on-year in the second quarter. Total store sales for the first half were about double those of the first half last year.
Mercury Recycling Group has agreed to acquire Ironveld Group, which has rights to the vanadium-bearing Ti-magnetite iron ore assets of the Sylvania Group, for around £13.7m, which the directors see as a "significant opportunity" to diversify its operations and increase shareholder value. The company is also proposing to raise £3.0m (before expenses) through the issue of 44.4m shares at 6.75p each, the proceeds of which will be used to fund the exploration and development of the Ironveld Group's iron ore assets and for the enlarged group's general working capital requirements.
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Cruise operator All Leisure Group said its operation performance was in line with its budget and "reflects short term measures taken to manage the business during extremely challenging market conditions". The firm's occupancy levels in the first half of the year were 74%, down from 79% the same period the previous year. In terms of passenger scores, 95% of passengers intend to sail again on the mv Discovery (2011: 93%) and 98% of passengers intend to sail again on the mv Hebridean Princess (2011: 98%). The firm expects 2012 levels to be depressed, but said it is positioned to do well once the adverse economic, commodity and exchange rate environment finally abates.
NR
