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Mercator Q3 net at Rs 59 crore; announces 3:2 bonus

Our Bureau

Mumbai , Jan. 29

MERCATOR Lines Ltd has reported a net profit of Rs 58.68 crore in the quarter ended December 31, 2005, as against Rs 58 crore in the corresponding previous quarter.

The company said the profit was constrained by a substantial increase in interest (255 per cent) and depreciation (185 per cent), coupled with higher provision of tax (197 per cent).

During the three months ended December 31, 2005, the income from operations increased by 70 per cent at Rs 282.38 crore (Rs 166.28 crore), while the operating profit increased by 47 per cent at Rs 109.37 crore (Rs 74.15 crore).

Bonus shares: The company has approved the issue of bonus shares in the ratio of 3:2 and the issuance of securities by public or private offering in the domestic or international markets, in the form of ADRs/ GDRs/ bonds/ equity shares or in any other form for an aggregate amount not exceeding $75 million or an equivalent amount in any currency.

During the nine months ended December 31, 2005, net profit was up 23 per cent year-on-year at Rs 135.95 crore (Rs 110.30 crore), while the income from operations grew 53 per cent at Rs 593.92 crore (Rs 388.24 crore).

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