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Mercator Lines Ltd (MLL) has announced that its consolidated net profit for the year ended March 31, 2011, dipped to Rs 47 crore against Rs 53 crore posted in the previous year, according to Exim News Service.
However, MLL, which is India’s second largest private sector shipping company (in terms of tonnage), posted a 52 per cent jump in total consolidated income for FY2011, at Rs 2,829 crore, against Rs1,809 crore recorded in FY2010.
With regard to consolidated net profit before exceptional items, minority interest and tax, it was a 11 per cent increase to Rs 122 crore compared to Rs 109 crore posted in the previous year.
In terms of total revenues for the year, the dry bulk segment and tanker segment chipped in with around 27 per cent and 16 per cent, respectively, while the dredging division supplemented revenues by about 3 per cent. The share of the offshore segment in total revenues was about 5 per cent. Besides, coal mining and trading activities contributed nearly 49 per cent to the company’s kitty.
Despite the global shipping industry continuing to pass through rough weather on account of various factors, including oversupply of tonnage, MLL said that for the second consecutive year the company’s coal business had posted a handsome growth in revenue of over 250 per cent and in terms of EBIDTA by over 900 per cent.
In this context, MLL stressed that the company’s strategy of diversifying into other related segments of business had helped minimise the overall adverse impact. The company expects this tempo of growth to continue in future.
During the year, the Mercator group added one Aframax tanker; two Panamax and one Kamsarmax dry bulk carriers, in addition to one MOPU and one FSO to its fleet.
Going forward, MLL maintains that the successful commissioning of the FPU project would considerably boost the performance of the company. It has a good order book in dredging too, which is expected to contribute to the company’s growth in the near future.
(Source:http://www.transportweekly.com)
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