Mercator Announces H1 Results

(Press Release)
Thursday, November 17, 2011

 

For the half year period ended 30th September, 2011, Mercator Lines Ltd. registered 25% growth in Total Income which stood at Rs.1584 crores (Rs.1268 crores).  The Consolidated Net Profit for the period stood at Rs.21.41 crores (Rs.113.22 crores).
During the period, the Coal Division contributed 58% revenue while Dry Bulk contributed 22%; Tanker 10%; Dredging 5% and Offshore Division 5%.
The coal volumes are expected to further improve in the coming quarters.  The recent coal mine acquired in Indonesia would commence commercial operations in the last quarter of FY12.
The Oil and Gas Division has successfully commissioned FPU unit in Nigeria and the operations are doing well as per schedule.  Exploration activities of two onshore oil blocks in Gujarat are on schedule.
Backed by a good order book, the Dredging Division is doing well and to meet the increased capacity requirement, Mercator has recently added a Cutter Suction Dredger and a TSH Dredger.
The oversupply in tonnage in all the segments continued to affect the operations of the Shipping Division and the earnings were further impacted as the bunker rate of heavy fuel oil increased.
Mercator Lines Limited, has a diversified interests in Shipping (Tankers & Bulk Carriers), Dredgers, Offshore (Oil& Gas and E&P), Coal Mining & Procurement and Logistics. Mercator Group owns or operates a fleet of 18 dry carriers; 8 tankers and 6 dredgers  in addition to 1 MOPU and 1 FSO.  The Group also owns Coal mining concessions in Indonesia & Mozambique and has right to explore, develop and produce Oil and Gas from two onshore oil blocks in the Cambay basin in Gujarat under NELP VII.
 
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Solarworld Wants Duties on Chinese Solar Goods in U.S. Extended

German solar manufacturer SolarWorld will apply to the United States for an extension of duties on Chinese panel imports that are due to end this year, weekly Euro am Sonntag said.

Sea Urchin Haven Disturbed by Oil Spill

Stephanie Mutz makes a living plucking sea urchins from the Santa Barbara coast and selling the prickly treasure to upscale restaurants in Southern California.

Viking Orders 2 Liebherr Cranes

An LR 1300 with super lift equipment and an LR 1160 crawler crane will strengthen the fleet of Viking Cranes. The Tallinn-based company with branch offices

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1232 sec (8 req/sec)