MOSCOW, September 11 (RIA Novosti) -- Sistema-Hals (LSE, MICEX, RTS: HALS), one of the largest real estate development companies in Russia and the CIS, posted on Thursday a $8.7 million net profit calculated to U.S. GAAP in the first half of 2008.
The company posted a consolidated net loss of $99.6 million in January-June 2007.
The developer's consolidated revenue stood at $227.1 million in the reporting period, up 75% against the same period last year.
"Sistema-Hals has had an excellent first half of 2008, with strong growth across the business resulting in a significant increase in revenue during the period," Sergei Shmakov, Sistema-Hals CEO, was quoted as saying on the company's website.
The company earned $432 million from an IPO on the LSE in November 2006. AFK Sistema, [RTS: AFKS], one of Russia's largest diversified companies, owns 71.1% in Sistema-Hals.
