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Mercator in the News
Mercator Lines Bags a Rs. 250 Crore Contract from MRPL.
Mercator Lines Limited (MLL), second largest private sector shipping company in India, has bagged a contract worth Rs. 250 crore from Mangalore Refineries and Petrochemicals Ltd. for transport of crude from the Arabian Gulf to the Indian coast. The contract involves transportation of about 8 million tones of crude for which the company plans to deploy own and chartered Aframax vessels.
For the nine months ended December 2005; Income from operations of Mercator has increased to Rs. 593.92 crore representing a growth of about 53% over previous corresponding nine months period of Rs. 388.24 crore. The Operating Profits (PBIDT) has also increased by about 75% to Rs. 254.87 crore as compared to Rs. 145.63 crore during the corresponding previous period ended December 2004. In spite of huge increase in Interest cost (260%); Depreciation (227%) and taxation (72%); the Net Profit at Rs. 135.95 crore have resulted into increase of about 23% over corresponding previous period of Rs. 110.30 crore.
Recently the Company, has issued and allotted bonus shares in the ratio of 3 : 2 (three shares for every two shares held) and plans to issue securities by Public/Private Offering in the Domestic and/or International Markets, in the form of ADR/GDRs/Bond/Equity Shares or in any other form for an aggregate amount not exceeding US $ 75 million or equivalent amount in any currency.
Mercator is hopeful of continuing with the growth in the years to come.
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