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Mercator in the News
Mercator Lines posts excellent results for year, March 2006, recommends 30% final dividend.
Mercator Lines Limited (MLL), the 2nd largest private shipping Company in India, has posted excellent results for the year ended March 2006 and declared a final dividend of 30% after having paid an interim dividend of 150% for the year 2005-06.
The Company has seen a growth of 50% in income from operations to Rs. 843.32 crore during 2005-06 from Rs. 563.98 crore in the previous year. The Operating Profit (EBIDTA) has increased by 64% to Rs 365.18 cr during FY 05-06 from Rs 222.89 cr during FY 04-05. Higher charge of Depreciation at Rs. 93.67 cr as against Rs. 32.69 in the previous year as also increased outgo on account interest at Rs. 70.77 cr (Previous year Rs. 19.40 cr) has resulted in Net Profit (PAT) growth of 14% to Rs. 198.03crore over previous year’s figure of Rs. 174.44 crore.
The EPS on the face value of Re.1/- per share comes to Rs. 10.42 for the year 2005-06 as against Rs. 9.75 in the previous year. The total dividend payment for the year comes to 180%.
The tonnage of MLL has increased to 13,38,621 DWT as on May 31, 2006.
During the year Mercator announced its foray into the booming offshore business and placed an order worth Rs 810 crore with M/s Keppel Shipyard of Singapore for construction of a premium Offshore Jack up Oil Rig suitable for operation worldwide. The company is also looking to acquire a second hand oil rig for immediate deployment.
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