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MirLand Development Corporation, which handles real estate mogul Eliezer Fishman's investments in Russia, ended the first quarter of 2007 in the red.

The company lost $1.3 million in the quarter. For the year 2006 it reported netting $30 million.

MirLand's shareholders' equity rose to $402 million by the end of the first quarter, from $367 million at the end of 2006.

The company is building office, commercial and residential space in Moscow and St Petersburg, and other cities in Russia.

In other MirLand news, the company today reported setting up a joint venture with a Russian company to develop two real estate projects in Moscow.

MirLand is to supply $116.5 million in financing.

The company was floated in December 2006 on London's AIM market, raising $260 million. It began trade at a market cap of 4.78 pounds per share and by the start of April had climbed to a share price of 7.1 pounds. Since them, its share price has receded to 6.15 pounds.