Russian property developer Sistema-Hals plunged into the red in 2008 with a net loss of $381 mln (EUR 288 mln) compared with a profit of $34.7 mln in 2007, the company said in its unadited financial results. Revenues dropped from $424 mln at end-2007 to $362 mln at year-end 2008. In 2008, operating expenses were up to $486 mln compared to $391 mln in 2007 due to provisions for the Siemens Tower project and impairments of its real estate investments.
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