News blog

West Pioneer Properties Ltd

• BY: Andrew Hore |
• POSTED: 13/03/2013 |

Indian shopping centres developer West Pioneer Properties Ltd says that revenues have been hit by preparations for the opening of a new department store at its Kalyan mall.

Shoppers Shop is expected to open in April. There was a short-term decline in people visiting the mall because of the disruption of fitting out the store. Revenues will be 7% below expectations in the year to March 2013. The profit will be slightly lower than expected as lower interest costs offset the loss of contribution from the mall.

Tower A of the residential development should be completed in June and Tower B should be finished by November. A further two towers are awaiting approvals. The commercial development is nearing completion. So far, 40% of this development has been pre-sold at a premium of 50% over residential sale prices.

At 8.75p a share, down 0.5p, West Pioneer is valued at £7m. That is around one-fifth of the September 2012 net asset value of $55.4m.

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