• 2012 May 11 10:12

  Mercator Lines' full year profit down by 75%

  

  India-based dry bulk shipping company Mercator Lines suffered a 75% plunge in full year net profit amid the weak dry bulk shipping market, Seatrade Asia online reports. Net profit for the financial year ended 31 March 2012 was at $7.84m, plummeting from $31.1m recorded in the previous year.
  
  Mercator blamed the reduction in profit to lower spot rates, expiry of long term contracts and subsequent redeployment of vessels at lower rates and an increase in voyage and operating expense.
  
  Revenue for the year dipped 5% to $147.74m from $155.36m.
  
  “The company's balance sheet is at its strongest with low debt equity ratio of 0.59 times. This will allow the company to raise funds against its unencumbered vessels and cautiously explore growth opportunities,” said Shalabh Mittal, managing director and ceo of Mercator.

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