Russia's PIK says on track to meet 2008 guidance
MOSCOW, Oct 16 (Reuters) - Russian residential developer PIK Group (PKGPq.L: Quote, Profile, Research, Stock Buzz) confirmed its full year guidance on cash collections on Thursday after a jump in third-quarter numbers.
"The fourth quarter has started strongly and we expect cash collections from wholesale customers by the year end to total in the region of $1.0 billion," the company said in a statement.
"Management is therefore confident that the group is on track to achieve the guidance given to the market in the half year results statement of $2.6 billion in cash collections for the year ended Dec. 31, 2008."
Residential cash collections rose by 54 percent year on year to around $545 million in the third quarter of 2008. (Reporting by Maria Kiselyova; Editing by Jon Loades-Carter)
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