Mercator Lines Q1 consolidated income up by 33 pct
Mercator Lines Ltd has registered a 33% rise in its consolidated income to INR 799.27 crore for the first quarter ended June 30th 2011 as compared to INR 602.89 crore in the previous fiscalSteel Guru reports.
The company’s consolidated net profit stood at INR 14.73 crore from INR 61.70 crore in the previous fiscal.
According to a statement issued, while the coal division and dry bulk division contributed 60 and 22% respectively, to the company's revenue, the tanker, dredger and offshore divisions chipped in with 10, and 4% each respectively.
In the coal division, MLL is in the process of concluding the acquisition of one more mining concession in East Kalimantan, Indonesia, through its subsidiary. Production from the mine, which has an estimated 45 million tonnes of coal reserves, is expected to commence from the fourth quarter. The company is also looking forward to further expand its activities in the coal business.
As regards the offshore division, MLL has successfully commissioned, in Nigeria, its Floating Production Unit which it has chartered on a nine year contract from London Stock Exchange listed oil major, Afren Plc, generating revenues at the rate of USD 111,000 per day. The FPU, which commenced commercial production from April 30 this year, marks a significant achievement and milestone in the history of MLL, which is scouting for further opportunities in FPSO and FPU in the offshore services arena.
Besides, MLL has been awarded the right to explore, develop and produce oil and gas from two onshore blocks in the Cambay basin in Gujarat under NELP VII and is currently carrying out seismic studies.
The company’s consolidated net profit stood at INR 14.73 crore from INR 61.70 crore in the previous fiscal.
According to a statement issued, while the coal division and dry bulk division contributed 60 and 22% respectively, to the company's revenue, the tanker, dredger and offshore divisions chipped in with 10, and 4% each respectively.
In the coal division, MLL is in the process of concluding the acquisition of one more mining concession in East Kalimantan, Indonesia, through its subsidiary. Production from the mine, which has an estimated 45 million tonnes of coal reserves, is expected to commence from the fourth quarter. The company is also looking forward to further expand its activities in the coal business.
As regards the offshore division, MLL has successfully commissioned, in Nigeria, its Floating Production Unit which it has chartered on a nine year contract from London Stock Exchange listed oil major, Afren Plc, generating revenues at the rate of USD 111,000 per day. The FPU, which commenced commercial production from April 30 this year, marks a significant achievement and milestone in the history of MLL, which is scouting for further opportunities in FPSO and FPU in the offshore services arena.
Besides, MLL has been awarded the right to explore, develop and produce oil and gas from two onshore blocks in the Cambay basin in Gujarat under NELP VII and is currently carrying out seismic studies.