Hirco profits soar
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Indian real estate investment company Hirco increased its net asset value by 11% in the six months to end-March, capitalising on the high demand for quality housing as India's economy continues to grow.
In the six months to 31 March 2008 Hirco made a pre-tax profit of £52.5m, compared with a profit of £5.6m a year earlier.
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Net asset value (NAV) at the end of March stood at 682p per share, up from 614p at the end of September 2007, and 34% higher on an annualised basis than the NAV per share at the time of the company's flotation in December 2006.
Investment income surged to £21.4m from £6.3m.
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