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Mercator in the News
Mercator Lines Limited one of India’s leading shipping companies, has performed well during the third quarter ended December 07 (Q3) of the FY 2007-08. On consolidated basis; the Company has achieved 51% higher income from operations at Rs. 372.21 crores during the third quarter ended December 07 (Q3 07-08) as against Rs.247.00 crores in the previous corresponding quarter (Q3 06-07).Operating Profit (PBIDTA) has grown by 113% at Rs. 160.54 crores against Rs. 75.44 crores in Q3 06-07. In spite of 145% increase in interest at Rs. 49.27 crores (Rs. 20.07 crores) and 93% higher depreciation of Rs. 45.34 crores (Rs. 23.45 crores); the Net Profit (PAT) after minority interest of Rs. 5.62 crores has registered impressive growth of 98% at Rs. 58.72 crores from Rs. 29.69 crores in Q3 06-07. On stand alone basis, income from operations for the Q3 ended December 07 has increased by 7% at Rs. 196.10 crores from Rs. 182.93 crores in the previous corresponding quarter (Q3 06-07). Operating Profit (PBIDTA) increased by 18% at Rs. 67.03 crores as against Rs. 56.90 crores in Q3 06-07. The Net Profit (PAT) has registered an impressive growth of 53% at Rs. 23.59 crores as against Rs. 15.38 crores in Q3 06-07. The board of Directors of the Company have approved issue of further capital by way of FCCBs / GDR / ADR / QIB in international / Indian market not exceeding USD 300 millions with consequential increase in authorized capital and borrowing powers and increase in the limit of FIIS upto 74% paid-up capital of the Company and also investment into proposed subsidiaries to take up offshore and drilling services; subject to necessary approvals. The Company has recently forayed into dredging segment by acquiring 3 owned dredgers. For MERCATOR LINES LTD Deepak Dalvi Manager – Secretarial January 29, 2008 |
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