Mercator Lines Limited, India's 2nd largest private sector shipping company (in terms of tonnage), announced its results for the period ended 31st December 2010. The total consolidated income for the nine months ended 31st December 2010 was Rs. 2047 Cr. against Rs. 1327 Cr. in corresponding period of previous year thus recording an increase of 54% on YoY basis. The consolidated Net Profit during the said period was Rs. 114.78 Cr. against Rs. 43.59 Cr. in the same period of previous year, thus recording a growth of 163%. During the period, Mercator group added 1 Aframax tanker, 2 Panamax dry bulk carriers and contracted to acquire one post Panamax dry bulk carrier which was delivered subsequent to quarter end.
Mercator is increasing its focus in the Coal mining, procurement and logistics domain. Coal mining and Trading has significantly increased its share in the total revenues at 44% to Rs. 908 cr.; an increase of 257% over Rs. 254 cr. of corresponding period in the previous year. The profit from this segment recorded a growth of 644% to Rs. 67 crores against Rs. 9 cr of corresponding period in the previous year.
The Dry Bulk segment and Tankers segment contributed about 28% and 17% respectively to the total revenues for the period. Dredging division supplemented the revenues by about 3%. Share of Offshore Drilling segment in total revenues was at about 6%. Mercator has proposed to opt out of this segment and entered into MOU to sell the only jack up Rig owned by it.