PROMOTION AND DEVELOPMENT LTD																			PROMOTION AND DEVELOPMENT LTD
		ABRIDGED UNAUDITED INTERIM FINANCIAL STATEMENTS-31 DECEMBER 2005																			ABRIDGED UNAUDITED INTERIM FINANCIAL STATEMENTS-31 DECEMBER 2005
																				STATEMENTS OF CHANGES IN EQUITY								Attributable to equity holders of the company
	BALANCE SHEETS						THE GROUP						THE COMPANY															Share		Other		Retained				Minority
							UNAUDITED				AUDITED		UNAUDITED				AUDITED											Capital		Reserves		Earnings		Total		Interest		Total
							31 DEC 05		31 DEC 04		30 JUN 05		31 DEC 05		31 DEC 04		30 JUN 05											MRs 000		MRs 000		MRs 000		MRs 000		MRs 000		MRs 000
									Restated											THE GROUP
							MRs 000		MRs 000		MRs 000		MRs 000		MRs 000		MRs 000			At 1 July 2004								194,331		1,218,880		1,092,614		2,505,825		605,261		3,111,086
	ASSETS																			Prior year adjustment re effect of adopting IFRS 3								-		-		8,120		8,120		-		8,120
	Non current assets																			Profit attributable to shareholders								-		-		15,122		15,122		(31,094)		(15,972)
	Investment property						2,007,903		1,678,562		2,301,897		94,200		94,200		94,200			Group's share of movement in reserves of associates								-		(31,279)		-		(31,279)		-		(31,279)
	Property, plant and equipment						67,236		63,656		65,269		6,885		3,765		6,553			Release on disposal of available-for-sale investments								-		(19,013)		-		(19,013)		-		(19,013)
	Intangible assets						4,742		1,176		1,159		840		1,176		1,008			Fair value gains on available-for-sale investments								-		111,767		-		111,767		(762)		111,005
	Investments in subsidiaries						-		-		-		787,873		687,992		729,375			Exchange differences								-		3,718		-		3,718		-		3,718
	Investments in associates						924,332		792,230		849,498		1,123,996		845,259		920,854			At 31 December 2004								194,331		1,284,073		1,115,856		2,594,260		573,405		3,167,665
	Available-for-sale investments						1,458,970		1,069,724		1,126,017		1,355,965		957,237		1,020,883
	Non-current receivable						1,648		1,360		1,360		1,648		1,360		1,360
	Deferred tax assets						15,155		-		15,216		15,155		-		15,216			At 1 July 2004								194,331		1,218,880		1,092,614		2,505,825		605,261		3,111,086
							4,479,986		3,606,708		4,360,416		3,386,562		2,590,989		2,789,449			Prior year adjustment re effect of adopting IFRS 3								-		-		8,120		8,120		-		8,120
																				Profit attributable to shareholders								-		-		364,149		364,149		180,484		544,633
	Current assets						138,105		124,461		120,710		110,007		86,612		108,595			Dividend proposed								-		-		(38,866)		(38,866)		(16,395)		(55,261)
																				Group's share of movement in reserves of associates								-		(18,079)		4,776		(13,303)		-		(13,303)
	Total assets						4,618,091		3,731,169		4,481,126		3,496,569		2,677,601		2,898,044			Adjustment on increase in interest in associates								-		13,297		13,815		27,112		-		27,112
																				Release on disposal of available-for-sale investments								-		(18,586)		-		(18,586)		-		(18,586)
	EQUITY AND LIABILITIES																			Fair value gains on available-for-sale investments								-		153,655		-		153,655		180		153,835
	Capital and reserves																			Exchange differences								-		1,514		-		1,514		-		1,514
	Share capital						194,331		194,331		194,331		194,331		194,331		194,331			At 30 June 2005								194,331		1,350,681		1,444,608		2,989,620		769,530		3,759,150
	Reserves						1,728,792		1,284,073		1,350,681		2,447,988		1,670,698		1,825,140
	Retained Earnings						1,465,421		1,115,856		1,444,608		533,315		441,881		455,667
	Shareholders' interests						3,388,544		2,594,260		2,989,620		3,175,634		2,306,910		2,475,138			At 1 July 2005								194,331		1,350,681		1,444,608		2,989,620		769,530		3,759,150
	Minority interest						691,187		573,405		769,530		-		-		-			Profit attributable to shareholders								-		-		20,813		20,813		(76,102)		(55,289)
	Total equity						4,079,731		3,167,665		3,759,150		3,175,634		2,306,910		2,475,138			Group's share of movement in reserves of associates								-		35,798		-		35,798		-		35,798
																				Release on write off of available-for-sale investments								-		932		-		932		-		932
	Non-current liabilities																			Release on disposal of available-for-sale investments								-		(3,700)		-		(3,700)		-		(3,700)
	Borrowings						177,075		225,789		198,155		87,000		87,000		87,000			Fair value gains on available-for-sale investments								-		345,407		-		345,407		(2,241)		343,166
	Deferred tax liabilities						122,308		57,202		182,144		-		-		-			Exchange differences								-		(326)		-		(326)		-		(326)
	Retirement benefit obligations						5,175		4,614		4,830		4,395		3,853		4,031			At 31 December 2005								194,331		1,728,792		1,465,421		3,388,544		691,187		4,079,731
							304,558		287,605		385,129		91,395		90,853		91,031
	Current liabilities						233,802		275,899		336,847		229,540		279,838		331,875											Share		Other		Retained
																												Capital		Reserves		Earnings		Total
	Total liabilities						538,360		563,504		721,976		320,935		370,691		422,906											MRs 000		MRs 000		MRs 000		MRs 000
																				THE COMPANY
	Total equity and liabilities						4,618,091		3,731,169		4,481,126		3,496,569		2,677,601		2,898,044			At 1 July 2004								194,331		1,552,305		407,297		2,153,933
																				Profit attributable to shareholders								-		-		34,584		34,584
							MRs		MRs		MRs		MRs		MRs		MRs			Decrease in fair value of subsidiaries								-		(68,045)		-		(68,045)
	Net assets per share						87.18		66.75		76.92		81.71		59.36		63.68			Increase in fair value of associates								-		70,346		-		70,346
																				Increase in fair value of available-for-sale investments								-		116,105		-		116,105
							No.		No.		No.		No.		No.		No.			Release on disposal of available-for-sale investments								-		(13)		-		(13)
	Number of shares						38,866,160		38,866,160		38,866,160		38,866,160		38,866,160		38,866,160			At 31 December 2004								194,331		1,670,698		441,881		2,306,910
																				At 1 July 2004								194,331		1,552,305		407,297		2,153,933
		INCOME  STATEMENTS																		Profit attributable to shareholders								-		-		87,236		87,236
							THE GROUP						THE COMPANY							Decrease in fair value of subsidiaries								-		(26,662)		-		(26,662)
							UNAUDITED				AUDITED		UNAUDITED				AUDITED			Increase in fair value of associates								-		156,637		-		156,637
							6 months to		6 months to		Year to		6 months to		6 months to		Year to			Increase in fair value of available-for-sale investments								-		146,617		-		146,617
							31 DEC 05		31 DEC 04		30 JUN 05		31 DEC 05		31 DEC 04		30 JUN 05			Release on disposal of available-for-sale investments								-		414		-		414
							MRs 000		MRs 000		MRs 000		MRs 000		MRs 000		MRs 000			Release on remeasurement of investment in associate								-		(4,171)		-		(4,171)
																				Dividend								-		-		(38,866)		(38,866)
	Turnover						117,656		105,188		215,824		52,934		58,653		135,417			At 30 June 2005								194,331		1,825,140		455,667		2,475,138
	Operating expenses						(65,934)		(50,684)		(105,147)		(16,844)		(13,840)		(27,292)
	Operating profit						51,722		54,504		110,677		36,090		44,813		108,125
	Profit on disposal of shares						54,364		22,492		22,632		52,763		127		84			At 1 July 2005								194,331		1,825,140		455,667		2,475,138
	Remeasurement of investment in associates						-		-		-		-		-		(15,177)			Profit attributable to shareholders								-		-		77,648		77,648
	(Decrease)/increase in fair value of investment property						(279,934)		(136,369)		486,964		-		-					Increase in fair value of subsidiaries								-		58,498		-		58,498
	Finance costs						(20,007)		(21,070)		(40,730)		(11,064)		(10,356)		(20,847)			Increase in fair value of associates								-		272,823		-		272,823
	Share of results of associates						87,888		52,416		70,222		-		-		-			Increase in fair value of available-for-sale investments								-		345,560		-		345,560
	(Loss)/profit before taxation						(105,967)		(28,027)		649,765		77,789		34,584		72,185			Release on disposal of available-for-sale investments								-		(3,700)		-		(3,700)
	Taxation				Note 5		50,678		12,055		(105,132)		(141)		-		15,051			Release on distribution of assets by associate								-		(865)		-		(865)
	(Loss)/profit after taxation						(55,289)		(15,972)		544,633		77,648		34,584		87,236			Release on write off of available-for-sale investments								-		932		-		932
																				Release on disposal of investments in associates								-		(50,400)		-		(50,400)
		Attributable to:																		At 31 December 2005								194,331		2,447,988		533,315		3,175,634
		Equity holders of the company					20,813		15,122		364,149		77,648		34,584		87,236
		Minority  interest					(76,102)		(31,094)		180,484		-		-					CASH FLOW STATEMENTS
							(55,289)		(15,972)		544,633		77,648		34,584		87,236									THE GROUP					THE COMPANY
																										UNAUDITED				AUDITED		UNAUDITED				AUDITED
																										6 months to		6 months to		Year to		6 months to		6 months to		Year to
																										31 DEC 05		31 DEC 04		30 JUN 05		31 DEC 05		31 DEC 04		30 JUN 05
							MRs		MRs		MRs															MRs 000		MRs 000		MRs 000		MRs 000		MRs 000		MRs 000
		Earnings per share			Note 6		0.54		0.39		9.37
		Adjusted Earnings per share			Note 6		2.52		1.51		2.90									Net cash inflow from operating activities						62,648		65,637		119,873		51,623		38,512		60,290
																				Net cash inflow/(outflow) from investing activities						69,819		(26,989)		(72,487)		64,266		(14,069)		(49,251)
																				Net cash inflow before financing						132,467		38,648		47,386		115,889		24,443		11,039
																				Net cash (outflow)/inflow from financing						(154,038)		(104,371)		(60,120)		(129,637)		(51,661)		13,551
																				(Decrease)/increase in cash and cash equivalents						(21,571)		(65,723)		(12,734)		(13,748)		(27,218)		24,590
																				Cash and cash equivalents at 1 July 2005						(107,356)		(94,759)		(94,759)		(88,431)		(113,021)		(113,021)
																				Effect of foreign exchange rate changes						3		740		137		-		-		-
																				Cash and cash equivalents at 31 December 2005						(128,924)		(159,742)		(107,356)		(102,179)		(140,239)		(88,431)
																				Analysis of cash and cash equivalents
		NOTES																		Bank and cash balances						3,995		8,601		2,740		3		2		2
																				Bank overdrafts						(132,919)		(168,343)		(110,096)		(102,182)		(140,241)		(88,433)
		1. The abridged financial statements for the six months ended 31 December 2005 are unaudited and have been prepared using the same accounting policies and																								(128,924)		(159,742)		(107,356)		(102,179)		(140,239)		(88,431)
		1. methods of computation followed per the audited financial statements for the year ended 30 June 2005 and comply with IAS 34.
		2. Investment property decreased from MRs 2.3 bn at 30 June 2005 to MRs 2.0 bn at 31 December 2005 for the group.																			6. Earnings and adjusted earnings per share
		2 The fair value of buildings is based on discounted cash flow projections and as such is very sensitive to the different assumptions used. The increase in interest rates
		2.during the period and the ensuing increase in applicable discount rates in the model have resulted in a negative adjustment on revaluation amounting to MRs 279.934M																			The earnings and adjusted earnings per share have been calculated as follows:
		2.which in accordance with IAS 40 is recognised in the income statement.The adjustment however has no impact on the cash flows of the group or its present strategic																												6 months to		6 months to		Year to
		2.direction. Your attention is drawn to the use of estimates and assumptions which have a significant risk of causing material adjustments to the value of investment																			THE GROUP									31 DEC 05		31 DEC 04		30 JUN 05
		2. property.																												MRs 000		MRs 000		MRs 000
		3. Profit on disposal of shares includes MRs 45M and MRs 47M at group and company level respectively, realised on the sale of shares in Invescom in which PAD had																			Profit attributable to shareholders									20,813		15,122		364,149
		3. a 25% stake.																			Adjusted profit attributable to shareholders
																					(excluding fair value adjustment and profit on disposal of shares)									97,898		58,770		112,845
		4.. Earnings attributable to equity holders excluding adjustments on revaluation of investment property and profit on sale of investments are as follows:
							THE GROUP						THE COMPANY								Weighted average number of shares in issue									38,866,160		38,866,160		38,866,160
							UNAUDITED				AUDITED		UNAUDITED				AUDITED
							6 months to		6 months to		Year to		6 months to		6 months to		Year to				7. Segment reporting
							31 DEC 05		31 DEC 04		30 JUN 05		31 DEC 05		31 DEC 04		30 JUN 05									PROPERTY		SHARES		SECURITY		OTHER		Eliminations		Total
							MRs 000		MRs 000		MRs 000		MRs 000		MRs 000		MRs 000									MRs 000		MRs 000		MRs 000		MRs 000		MRs 000		MRs 000
																					Dec-05
		Profit attributable to shareholders					20,813		15,122		364,149		77,648		34,584		87,236				External sales					66,472		23,595		24,812		2,777		-		117,656
		Loss/(gain) on investment property (net of tax)					131,449		66,140		(228,672)		-		-		-				Intersegment sales					412		22,719		5,876		2,588		(31,595)		-
		Remeasurement of investment in associates					-		-		-		-		-		15,177				Total Revenue					66,884		46,314		30,688		5,365		(31,595)		117,656
		(Profit)/loss on disposal of shares					(54,364)		(22,492)		(22,632)		(52,763)		(127)		(84)
							97,898		58,770		112,845		24,885		34,457		102,329				Segment result					28,796		39,915		1,201		4,529		(22,719)		51,722
		5. Taxation																			Dec 2004 restated
		Based on the (loss)/profit for the period, as adjusted																			External sales					66,103		20,837		16,009		2,239		-		105,188
		for tax purposes at 25%/15%					(6,023)		(4,053)		(9,997)		-		-		-				Intersegment sales					333		32,366		4,004		2,566		(39,269)		-
		Alternative minimum tax					(80)		-		(165)		(80)		-		(165)				Total revenue					66,436		53,203		20,013		4,805		(39,269)		105,188
		Associated companies					(2,992)		(6,869)		(8,221)		-		-		-
		Deferred tax					59,773		22,977		(86,749)		(61)		-		15,216				Segment result					33,208		49,159		1,955		2,548		(32,366)		54,504
		Credit/(charge) for the period					50,678		12,055		(105,132)		(141)		-		15,051
																					8. These abridged financial statements were approved for issue by the Board of Directors on 22nd February 2006.
		6. Earnings and adjusted earnings per share
		The earnings and adjusted earnings per share have been calculated as follows:
							UNAUDITED				AUDITED
							6 months to		6 months to		Year to
		THE GROUP					31 DEC 05		31 DEC 04		30 JUN 05
							MRs 000		MRs 000		MRs 000
		Profit attributable to shareholders					20,813		15,122		364,149
		Adjusted profit attributable to shareholders
		(excluding fair value adjustment and profit on disposal of shares)					97,898		58,770		112,845
		Weighted average number of shares in issue					38,866,160		38,866,160		38,866,160
		7. Segment reporting
							PROPERTY		SHARES		SECURITY		OTHER		Eliminations		Total
							MRs 000		MRs 000		MRs 000		MRs 000		MRs 000		MRs 000
		Dec-05
		External sales					66,472		23,595		24,812		2,777		-		117,656
		Intersegment sales					412		22,719		5,876		2,588		(31,595)		-
		Total Revenue					66,884		46,314		30,688		5,365		(31,595)		117,656
		Segment result					28,796		39,915		1,201		4,529		(22,719)		51,722
		Dec 2004
		External sales					66,103		20,837		16,009		2,239		-		105,188
		Intersegment sales					333		32,366		4,004		2,566		(39,269)		-
		Total revenue					66,436		53,203		20,013		4,805		(39,269)		105,188
		Segment result					34,751		49,159		412		2,548		(32,366)		54,504
		8. These abridged financial statements were approved for issue by the Board of Directors on 22nd February 2006.
	By order of the board
		Jocelyne Martin
	Secretary
		22nd February 2006
	These abridged financial statements is issued pursuant to listing rule 12.21.
	The Board of Directors of Promotion and Development Ltd accepts full responsibility for the accuracy of the information contained in these abridged financial statements.
	Copies of the abridged financial statements are available, free of charge, at Promotion And Development Ltd, Suite 430, Barkly Wharf, Le Caudan Waterfront, Port Louis.

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