Mercator Reports Higher Income and Net Profit for Q1 FY11 Ended June 2010

Mercator Lines Limited, India’s 2nd largest private sector shipping company (in terms of tonnage), announced its results for the quarter ended June 2010 (Q1 FY11). The total consolidated income was Rs. 602.88 Cr. against Rs. 442.47 Cr. in Q1 FY10 recording increase of 36% on YOY basis. Correspondingly, the Net Profit after Minority Interest and Tax was Rs. 61.70 Cr. against Rs. 44.48 Cr. in the Q1 FY10 recording growth of 39%.TCY (Time Charter Yield) for dry bulk segment which contributed about 33% of the total revenue for Q1 FY 2011 showed an impressive improvement by about 21% to USD 30,217/day against USD 24,953/day in Q1 FY 2010. Also, number of operating days grew 11% to 1,342 from 1,209 in Q1 FY 2010.TCY for the Tanker segment which accounted for 18% of the total revenue for Q1 FY 2011, showed improvement by about 12% to USD 20,636/day against USD 19,733/day in Q1 FY 2010. The number of operating days were decreased by 35% to 631 from 976 in Q1 FY 2010, primarily due to phase out of single hull vessels.TCY for Dredging division which contributed to about 4% of the total revenue for Q1 FY 2011 was USD 18,289/day against USD 23,825 of Q1 FY 2010 with about 23% decline.The Offshore segment contributed about 7% of the total revenue for Q1 FY 2011. This was on firm bareboat charter contract of USD 92,700/day.Coal mining and trading activities scaled up contribution to revenue by 24% at Rs. 234.6 cr. for Q1 FY 2011 with substantial increase of 270% over Read More>>