(Adds details on Kalyan and Aurangabad projects)
LONDON (Thomson Financial) - West Pioneer Properties Ltd swung to a
first-half pretax profit on higher finance revenues, and finance costs which
more than halved, and said it expects its Kalyan shopping mall project to open
by the year-end.
For the period to Sept 30, the mall developer posted a pretax profit of
365,223 usd compared with a pretax loss of 340,357 usd a year earlier.
Finance revenues rose to about 1.17 mln usd from 4,557 usd previously.
Finance costs declined to 33,355 usd from 79,893 usd last time.
West Pioneer said Big Bazaar has taken occupation at the Kalyan project. It
added it has completed 85 pct of phase I, and expects to commence construction
of phase II by the end of the first-half of 2008.
The company is progressing as planned with the mixed-use shopping mall/hotel
development project in Aurangabad in Western India, it said.
West Pioneer welcomed the recent repeal of the Urban Land Ceiling and
Regulation Act, saying this will stabilize land prices as thousands of acres of
land will be released in its target market.
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