MOSCOW, March 19 (Reuters) - Russian housebuilder Etalon said on Monday the country's real estate market was still some way off pre-crisis levels and would continue to grow at least into 2013, prompting it to seek several new projects.
The company, which builds houses mainly in Moscow and St. Petersburg, said it contracted 270,000 square metres of property across both cities in 2011, compared to an adjusted 440,000 square metres for St. Petersburg alone in 2008.
"2012 is off to a strong start and we believe that the recovery will develop further, supporting our cash collections and new contract sales. We have every reason to look towards 2012 and 2013 with confidence," Etalon president Viacheslav Zarenkov said in a statement.
His comments came after Etalon posted 2011 net income up 64 percent to $253 million, on the back of a 16 percent growth in revenue to $774 million.
