ORLANDO, Fla., Nov. 24, 2009 (GLOBE NEWSWIRE) -- UNR Holdings (OTCBB:UNRH) announced today that total revenues for the nine-month period ended September 30, 2009 were $39.4 million, as compared to $57.5 million during the comparable period of 2008. The decrease was primarily due to the general slowdown in the world economy that has affected the Russian real estate and development market.
Net earnings were $9.3 million for the nine months ended September 30, 2009 compared to $10.6 million for the nine months ended September 30, 2008. The Company attributes this primarily to a decrease in the cost of sales % in the home building segment resulting in a higher gross profit from this segment's operations despite a decrease in sales.
Alexei Kim, CEO of UNR Holdings, stated: "In the third quarter the company has experienced a sharp increase in sales compared to the last two quarters due to a greater demand for the residential units that the company has on the market, which amounts to about 3,067,714 sq f (285,000 sq m). In Moscow suburbs the standard one to three rooms apartment area ranges from 431 sq feet to 969 sq feet; in Moscow city such apartments area would range from 431 sq feet to 1,292 sq feet. The upper end suites area average ranges are 1,076 - 2,153 sq feet for a two level unit and over 3,229 sq feet for penthouse unit. The increase in sale was primarily attributed to generally more favorable market conditions, and the correct marketing strategies applied by the company. Our Prudon 494 product continues to see market acceptance and we do anticipate seeing an increase in sale of Prudon materials in the following quarters."
About UNR Holdings Inc.:
UNR Holdings Inc. has a 68% ownership in its subsidiary 494 UNR. 494 UNR is a construction company with its principal offices located in Bronnitsy (Moscow region), Russian Federation. 494 UNR operates in the Russian Federation, primarily in the Moscow region, and specializes in infrastructure build and supply services, including the construction of roads, highways and bridges, design/build apartment and office buildings and parks, warehouses, shopping centers and retail facilities, hotels, commercial housing projects and light industrial projects for governments, developers, businesses and end users. 494 UNR also performs activities such as demolition, clearing, large-scale earthwork and grading, dewatering, drainage improvements and structural concrete.
More detailed information on the housing projects can be found on the UNR Holdings Inc. corporate website: http://www.unrhs.com
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