Trading and footfall figures at Metro Junction Mall in Kalyan continue to perform well with 74% retail leasing.

Residential development at Kalyan behind schedule but apartment sales continue to progress well with over 85% of available units already sold at prices approximately 50% higher than launch price.

Ground break of Commercial Plaza at Kalyan in November 2011 with strong pre-launch bookings for approximately 30% of the area received and at an average sale price approximately 50% higher than the residential sale price

Risk of material delay at Nashik project due to complications caused by delays in receiving development approvals.

Development and eventual sale of Aurangabad project on schedule and expected to generate sale proceeds of US$15.2 million over the next 12 months subject to contract.

Balance sheet remains robust as a result of prudent cash management and low gearing with year end cash and cash equivalents of $1.76 million; also funding of US$5 million available from a sanctioned but unutilised debt facility.

Commenting on the results, Amit Jatia, Chairman of West Pioneer, said: "This has been a challenging period not only for the Company but for all Indian real estate developers coping with a tightening of the country's monetary policies to counter inflation and slow project approvals by government bodies. However, I am confident that our persistent and focused efforts to position the Kalyan mall as a leading value shopping and lifestyle destination will produce significant results in the near future. The mall continues to cement its position as the most appealing shopping and entertainment destination for the local population in its catchment area."

At 9:38am: (LON:WPR) share price was 0p at 19.5p

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