Interim Results
West Pioneer, a developer and operator of shopping malls in west and southern India, announces its interim results for the half-year ended 30 September 2009.
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Highlights
- Highest ever footfall numbers and positive sales trends at Metro Junction Mall in Kalyan
- Leasing improved from 52% in May 2009 to 65% in November 2009, putting the mall on track to be substantially leased by March 2010
- Successful opening of multiplex and food court in the period
- Successful entry into residential market in Kalyan with strong profit potential over 3-4 years
- Active discussions with anchor tenants and Intercontinental Hotel Group for Nashik mall and hotel development
- Balance sheet remains robust as a result of prudent cash management and low gearing with period end cash and cash equivalents of $4.2m
- Continued growth in the Indian economy and organized retail provides opportunity to substantially increase gross leasable area owned or operated by West Pioneer
Commenting on the results, Amit Jatia, Chairman of West Pioneer, said: “Trading conditions in the half of the financial year have shown a genuine recovery from the difficulties experienced last year. Throughout this period West Pioneer has benefited from its strategy of maintaining a high quality, focused portfolio of assets, whilst remaining open to opportunistic and attractive investment opportunities. This has resulted in our successful entry into the residential market and we have been most encouraged by initial sales of apartments in the first two towers at Kalyan. Overall we remain confident in our ability to deliver value to shareholders from our investments in retail, hospitality and residential development.”
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