The company's share of rental income including maintenance charges for the six months was reported at £13.3m, up from £9.9m the previous year. The report comes off the back of increased gain from fair value adjustment on investment property.
Donald Lake, non-Executive Chairman of Unitech said: "During the first half year we have continued to make good progress in letting the space within the company's portfolio and thereby increasing rental income. This is in line with our continued belief that the maximum value for shareholders will be achieved by creating investments which are substantially complete and well-let before we monetize that value.
"I would also like to take this opportunity to thanks Aubrey Adams for his significant contribution to the company over the past five years and to welcome Terry Mahony to the board."
Mahony, a resident of Hong Kong, is also chairman of VinaCapital which is the largest asset management company in Vietnam with three closed ended funds listed on AIM.
Unitech, which focuses on commercial real estate in India, has a market capital of £129m. Its share price dropped 1.37% to 36.00p at 15:20 Wednesday.
Unitech Corporate Parks announced higher profits in its half-yearly report Wednesday as it appointed a new non-executive director of the commercial real estate company.
The investment firm reported a pre-tax profit of £17.8m in its results for the six months ended September 30th, 2012 - a 63% increase from £10.9m a year ago.
The news comes as the company revealed Terence Mahony would take over as non-Executive Director from Aubrey Adams who has decided to resign on December 31st to focus on his role as head of property in the Global Restruction Group of The Royal Bank of Scotland.
Mahony, 70, has more than 40 years experience in global financial companies including the Bank of London, White Weld, Paine Webber and HSBC.
Unitech is confident the company will benefit from Mahony's background in emerging market investments and will help continue to drive revenue.
In its latest half-yearly report the company's 60% share of the market valuation of assets were up 11.6% to £245.4m compared to £219.8m in the half ending March 2012.
It reported a slight increase in net value assets at £0.53 per share, up £0.52 per share from the last half.
"Unitech is demerging its infrastructure business and list it separately as Unitech Corporate Park (UCP). UCP will include general construction, SEZs/ IT parks, industrial parks, township management etc. Unitech will be the largest shareholder with 35% stake in UCP, 33.3% will be offered to investors and balance 31.7% will be with the promoters. The existing Unitech shareholders will receive one share of UCP for every share held by them. We believe the restructuring exercise would be positive on account of - 1) It would allow shareholderâ€™s to choose between real estate and infrastructure businesses; 2) It would unlock value of the non-core businesses; 3) Infrastructure business could avail of financing on favorable terms"
16:06 Unitech Corp Parks - Update re possible offer from RNS RNS Number : 6875W Unitech Corporate Parks Plc 23 November 2010
For immediate release
Not for release, publication or distribution (in whole or in part) in, into or from the United States, Australia, Canada or Japan or in any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.
Unitech Corporate Parks plc ("UCP" or "the Company")
Update re possible offer from Unitech Limited ("Unitech")
On 27 July 2010, Unitech announced it had made an approach to the independent directors of UCP in connection with a possible cash offer for the Company priced at 31 pence per UCP share. The proposal was subject to certain pre-conditions (including the raising of finance by Unitech to fund the potential offer).
Unitech holds an approximate 40 per cent interest in UCP's property assets. Nectrus Limited, a wholly-owned subsidiary of Unitech, holds a 4.52 per cent interest in UCP's share capital and acts as investment manager for UCP.
The independent directors of UCP have considered the Unitech proposal in conjunction with their financial advisers PricewaterhouseCoopers Corporate Finance and Arbuthnot Securities, and property advisers. The Independent Directors have considered, amongst other things, the potential medium-term value of the Company's property portfolio if UCP were to remain an independent entity, the medium term prospects for Indian SEZ office developments, and the valuation of the property portfolio carried out by the Company's independent valuers, Knight Frank, as at 31 July 2010, and have concluded that the indicative pre-conditional offer at 31p per UCP share significantly undervalues the Company today and does not represent an offer which they could recommend shareholders to accept.
Unitech has been informed of the Independent Directors' position in relation to the value of the Company, and UCP remains in contact with Unitech, although no further proposal has been received as at today's date. A further announcement will be made if appropriate.
The Company intends to announce its interim results for the six month period to 30 September 2010 in mid-December.
PricewaterhouseCoopers Corporate Finance - Financial Adviser to UCP
Tel: +44 (0)20 7212 4027
Arbuthnot Securities Limited - Nominated Adviser to UCP
Tel: +44 (0)20 7012 2000
Financial Dynamics - Public relations adviser to UCP
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