BIRMINGHAM developer St Modwen has seen its profits fall by £3m but enjoyed an increase in realised property profits and rental income.

The regeneration specialist - the developer of the Longbridge redevelopment scheme - has reported profit before tax of £34.9m in the first six months of 2012 (H1 2011: £37.9m) but it saw a 48% increase in realised property profits to £16.6m (H1 2011: £11.2 million). And there was a 3% increase in net rental income to £18.3m (H1 2011: £17.8m).