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West Pioneer Props (WPR)

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Thursday 10 June, 2010

West Pioneer Props

Trading Update and Notice of

RNS Number : 3680N
West Pioneer Properties Limited
10 June 2010
 



 

 

Press Release

10 June 2010

                       

 

West Pioneer Properties Limited

 

("West Pioneer" or "the Group")

 

Trading Update and Notice of Final Results

 

West Pioneer (AIM:WPR), a leading developer and operator of shopping malls in west and southern India, expects to announce its Final Results for the year ended 31 March 2010 on Wednesday 21 July 2010 and provides the following trading update ahead of the announcement.

 

West Pioneer has continued to experience positive footfall and sales trends at Metro Junction Mall in Kalyan.  In the Final Results, the Group expects to report leasing broadly consistent with the last reported levels.  The Group has had opportunities to lease additional vacant units during the period, but not on terms that it considered commercially acceptable or with suitable tenants.  Given that the mall is now trading at break-even, partly as a result of active mall management, the Group has decided to prioritise maximising rental values and the quality of tenants and tenant mix rather than short-term occupancy.

 

Progress in sales and construction at Metro Residency, West Pioneer's residential development at Kalyan, continues according to plan.  Following recent discussions with the Group's auditors following the year-end, West Pioneer will not recognise income from its apartment bookings during the last financial period, as it had previously expected to do, but instead will wait until completion of the individual residential towers during the current and future financial periods.  This has no impact, however, on the timing of cash receivable by the Group.

 

West Pioneer has continued to make progress in discussions with major domestic and international retailers with respect to its Kalyan and Nashik developments and will provide further details in due course.

 

Ajay Gupta, Chief Executive Officer and Nitin Dattani, Executive Director will be available for one-to-one analyst briefings arranged by Abchurch to take place on the morning of the Final Results, Wednesday 21 July 2010 at Abchurch's offices, 16th Floor, 125 Old Broad Street, London, EC2N 1AR. 

 

- Ends -

 

For further information:

 

Evolution Securities


Jeremy Ellis / Chris Clarke

Tel: +44 (0) 20 7071 4300

 

 

Media enquiries:

Abchurch Communications


Heather Salmond / Mark Dixon

Tel: +44 (0) 20 7398 7729

[email protected]

www.abchurch-group.com

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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