Mercator Lines Ltd the second largest private sector shipping company in terms of tonnage in the country, has earned a consolidated income of INR 602.88 crore during April to June 2010, as against INR 442.47 crore during the same period of 2009-10, registering an increase of 36%.

The company’s net profit, after interest and tax was INR 61.70 crore as against INR 44.48 crore in the same quarter of 2009-10, recording a growth of 39%.

Time charter yield for dry bulk segment, which contributed about 33% of the total revenue for the quarter, showed an impressive improvement by about 21% at USD 30,217 per day as against USD 24,953 per day in the first quarter of 2009-10.

Also, the number of operating days grew by 11 per cent to 1,342 from 1,209 last year.

TCY for the tanker segment which accounted for 18% of the total revenue for the first quarter, improved by about 12% to USD 20,636 per day against USD 19,733 per day. The number of operating days came down by 35% to 631 from 976 earlier, mainly due to the phase-out of single-hull vessels.

TCY for the dredging division, which contributed to about 4% of the total revenue in the first quarter, was USD 18,289 per day, as against USD 23,825 in the same quarter of 2009-10, showing a fall of about 23%.

The offshore segment contributed about 7%. This was on firm bareboat charter contract of USD 92,700 per day.

Mr VS Mani CFO of the company said that "We realize the importance of strategic diversification and while we have a dedicated team looking at such opportunities, our core businesses of shipping will continue to get the attention they deserve."

The company will continue to exercise tight control over its operating expenses.

(Sourced from Exim News Service)