Hirco reports strong interim results

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London, May 8 (ANI/ Business Wire India): Hirco PLC (AIM: HRCO), the investment vehicle for Hiranandani, India's largest residential builder and leading developer of prestigious mixed-use townships, today announced its interim results for the first six months of fiscal 2008 ended March 31 2008.

First-half Fiscal 2008 Highlights

-- Profit after tax was GBP 52.48 million, representing earnings per share of 69 pence based on 76,526,984 shares outstanding.

-- As of 31 March 2008, Hirco's Net Asset Value (NAV) was GBP 6.82 per share, up 11 per cent from a NAV of GBP 6.14 per share as of 30 September 2007. Hirco's NAV as of 31 March 2008 also represents an annualised increase of 34 per cent from a NAV of GBP 4.74 per share at the time of the IPO on the London Stock Exchange's Alternative Investment Market (AIM) on 13 December 2006.

-- The Company announced its GBP 96.6-million investment in Panvel Residential on 25 October 2007. Panvel Residential is co-located on a site with Hirco's Panvel Commercial development. The combined Panvel township site is a Special Economic Zone, which will provide tax advantages. The new township is close to the recently announced Navi Mumbai International Airport.

Hirco's Chennai and Panvel township developments have in total 66.4 million square feet of buildable area of residential, commercial, retail and social space.

Panvel is located in the Mumbai Metropolitan Region. Mumbai is the largest metropolis in India and regarded as the commercial and financial capital of India.

Recent Developments

-- On 10 April 2008, Hirco announced strong residential pre-sales and pricing at both its Chennai and Panvel residential developments.

Niranjan Hiranandani, Chairman of Hirco PLC, said: "Hirco is making great strides towards its goal of capitalising on the diverse and growing Indian real estate market. There continues to be robust and escalating demand for quality residential, commercial and retail space. This demand is fuelled by India's continued economic growth, the rising affluence and purchasing power of the Indian people, as well as the high demand for quality housing. This continues to translate into strong support for our strategy of developing world-class, mixed-use townships in the suburbs of India's major cities."

Hirco PLC is the investment vehicle for Hiranandani, India's largest residential builder and leading developer of prestigious mixed-use townships for the country's increasingly affluent middle class.

Hirco's modern, large-scale developments - combining high-quality residential, commercial and retail components with green space and social and recreational facilities - are strategically located in suburban areas outside major city centres. Hirco's four current projects - in Chennai in southeast India and Panvel, in the Mumbai Metropolitan Region - feature a combined total of 66.4 million square feet of buildable mixed-use space.

ANI

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