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Mercator in the News
Mercator Lines reports higher Income for Y.E. March 2007 Recommends 100% Dividend Mercator Lines Limited (MLL), the 2nd largest private shipping Company in India in terms of tonnage, has reported higher income for the year ended March 2007. On consolidated basis, the Company has seen a growth of 36% in income from operations at Rs. 1122.75 crore during 2006-07 from Rs. 826.25 crore in the previous year (FY 05-06). The Operating Profit (EBIDTA) is lower by 11% at Rs 322.92 cr during FY 06-07 from Rs 365.17 cr during FY 05-06. Similarly, the Net Profit (PAT) is also lower by 32% at Rs. 134.86 crore as against previous year's Rs. 198.03 crore. This is mainly on account of higher dry-docking expenses incurred and charged off during the year amounting Rs. 54.82 crores. In addition, higher expenditure on account of Interest, Depreciation and Exchange Fluctuation loss has resulted into higher operating costs. The Company, to meet contractual obligations had to charter in vessels. Similarly, Mercator Lines on a stand alone basis has clocked in higher Income from operations at Rs. 783.26 crore, as compared to Rs. 621.86 crore during FY 05-06 registering an increase of 26%. The operating profit is lower at Rs. 235.77 crore as compared to Rs. 330.84 crore in the previous year. The interest cost was higher at Rs. 63.38 crore as against Rs. 56.29 crore, compared to the previous year was lower by 29%. After charging depreciation of Rs. 97.53 crore, (Previous year Rs. 93.67 crore), and providing for a tax of Rs. 3.23 crore (previous year 2.70) Profit After Tax is at 71.62 crore as compared to 178.19 crore. The Board of Directors have recommended 100% dividend on equity capital resulting in a higher payout at Rs. 18.92 cr as against Rs. 16.58 cr in the previous year. The Company operates a consolidated tonnage capacity of about 2.45 mn DWT. For MERCATOR LINES LTD Supriya Joshi Dy. Company Secretary June 29, 2007 |
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