Trading Update and Notice of Final Results


 

TIDMWPR 
 
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 | 
+------------------------------------+-------------------------+ 
| mark.dixon@abchurch-group.com      | www.abchurch-group.com  | 
+------------------------------------+-------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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