Mercator Announces H1 Results
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.
Garware Offshore Plans Shipbuilding Yard with Norway Firm
Mumbai-based Garware Offshore Services Ltd., a company that offers ships for oil and gas exploration activities, plans to enter the shipbuilding business by setting up an exclusive facility for making offshore support vessels. This shipbuilding yard will be a joint venture with Norway-based ship manufacturer Havyard Leirvik AS, promoted by Havyard Group AS. Havyard Leirvik is a leader in making offshore ships, ice-breaking ships and other types of specialized vessels. According to the Shipyards Association of India, shipbuilding will entail an investment of about $76.1m by 2017. Reportedly, the venture could be 50:50, though nothing has been finalized.
