Property group St. Modwen Properties reported a sharp increase in first half pre-tax profit and said it expects the momentum to continue in the second six months of the year.In the six months to 31 May the FTSE 250 group reported a pre-tax profit of £177.6m compared with £48.6m in the corresponding period in 2014, while revenue jumped 37% year-on-year to £150.1m.The increase in revenue was driven by a surge in profit of joint ventures and associates, which rose to £100.6m from £9.6m in 2014."Investor appetite continues to increase for commercial property and we will selectively dispose of mature assets and seek to replenish these with new opportunities in the marketplace," said group chief executive Bill Oliver."Combined with a residential market that is performing at more sustainable levels, we anticipate continued positive momentum in the second half of the year with good prospect to further add to the net asset value of the group."St Modwen shares were up 2.02% to 453.88p at 0919 BST on Tuesday.