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Russia and CIS real estate firm Sistema-Hals posts a net loss of $235.7m for the nine months to the end of September - up from $72.5m last time.
The group's consolidated revenues for the first three quarters amounted to $50.9m compared with $248.2m last time - a decline of 79.5%.
The operating expenses fell by 49.8% to $124.0m.
The cost of sales fell by 44.1% and amounted to $102.0m compared with $182.4m for the corresponding period last year.
President Andrey Nesterenko said: "The Russian real estate market is still depressed though we see some positive signs in both residential and commercial sectors.
"The mortgage market is recovering, investors are getting more and more active on the buy-side.
"Earlier in the year, investors were just looking for, and gathering information about target projects.
"Today both investors and tenants are ready to start negotiations on real deals.
"It goes without saying that major clients and investors are looking for only reliable developers which can deliver the projects they promise and can offer high class assets."
Story provided by Business Financial Newswire
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