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Mercator Lines Ltd posted a net profit of Rs 6.68 crore for the quarter ended September 30 as against Rs 51.52 crore for the corresponding period last year. The total expenditure for the same period went up to Rs 635.19 crore as against Rs 483.15 crore due to higher coal operating expenses and dry-docking expenses. The oversupply in tonnage in all the segments continued to affect the operations of the Shipping Division and the earnings were further impacted as the bunker rate of heavy fuel oil increased, the company said.
The consolidated net profit for the half year period stood at Rs 21.41 crore against Rs 113.22 crore. During the period, the coal division contributed 58 per cent revenue, while dry bulk contributed 22 per cent, tanker 10 per cent, dredging 5 per cent and offshore division 5 per cent. The coal volumes are expected to further improve in the coming quarters, the company said. The recent coal mine acquired in Indonesia would commence commercial operations in the last quarter of FY12. Exploration activities of two onshore oil blocks in Gujarat are on schedule.
Mercator Lines provides marine transportation services. The group's areas of operations are tankers and lighterage. The company is a provider of sea borne transportation services, primarily involved in the transportation of crude oil in India and overseas.
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