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Date: Wednesday 27 Aug 2008

LONDON (ShareCast) - A big property revaluation has pushed Indian real estate firm West Pioneer Properties comfortably into the black for the year.

The revaluation of $14.03m, property revenue of $111,438 and fund management income of $2.14m takes the firm into a profit of $14.33m for the year ended 31 March from $104,005 loss in 2007.

The firm, which opened its first mall in Kalyan earlier this year, had net assets of $71.8m at the year end, up from $42.6m in 2007.

West also bought two other sites during the period, at Aurangabad and Nashik, taking its total square footage to around 3m, not far off its target of 4m set at its IPO in December 2006.

“The Indian retail market continues to expand rapidly with considerable interest from international retailers keen to enter the market,” said the company.

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