Mercator Lines bottomline zooms 98%

CORPORATE SCORECARD

Shipping major Mercator Lines has posted a 97.77 per cent rise in net profit at Rs 58.72 crore on a consolidated basis for the third quarter ended December 31, 2007, compared with Rs 29.69 crore recorded during the comparable period of the previous financial year.

The increase in net profit is in spite of the 145 per cent rise in interest at Rs 49.27 crore (Rs 20.07 crore in third quarter of previous year) and 93 per cent higher depreciation of Rs 45.34 crore (Rs 23.45 crore).

The company also registered a minority interest of Rs. 5.62 crore during the reporting quarter, Mercator Lines said in a statement here today.

On standalone basis, the shipping major posted a 53 per cent increase in net profit at Rs 23.59 crore during the quarter under review, as against Rs 15.38 crore recorded in third quarter a year ago.

The company's income from operations rose 7 per cent at Rs 196.10 crore during the reporting quarter, up from Rs 182.93-crore recorded corresponding quarter of last year.