Cyprus-based AFI Development, which focuses on the Russian real estate market, said its net asset value had risen by 14.1% to $11.20 (EUR 7.09) per share since its IPO in May 2007. The company's full-year pre-tax profit rose to $275.5mln from $113.3mln the previous year. AFI also said its cash position at the year end remains strong and its project financing continues to benefit from the availability of debt financing at reasonable terms.
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