On behalf of the board of directors it gives me great pleasure to share with you anupdate on the performance of your Company for the year 2017-18.
Our consolidated net revenue from operations for the financial year 2017-18 was Rs.34669.17 lakhs a 1.11% decline as compared to the Rs. 35058.62 lakhs in the previousyear. However the profit after tax rose sharply to Rs. 5469.21 lakhs as compared to theRs. 60.92 lakhs the previous year.
Over the course of the year Swan LNG Private Limited (SLPL) a subsidiary of SwanEnergy Limited (SEL) achieved a few major milestones. SLPL executed the ShareholdersAgreement on 17th October 2017 along with our partners Gujarat Maritime Board GujaratState Petronet Limited and Mitsui OSK Lines Japan. The Concession Agreement was executedon 18th October 2017 with the Government of Gujarat and Gujarat Maritime Board whichgives SLPL exclusive rights to develop finance operate and maintain port services in thedesignated port area near Jafrabad Gujarat. SLPL has further executed contract agreementsworth Rs. 459 crore for the engineering procurement and construction of the LNG jettytopside and onshore facilities at the port. The project is moving ahead as per scheduleand is slated to be ready for commercial operations in the second quarter of the year2020.
On the real estate front your Company's commercial project in Kurla received theoccupation certificate for the fourth and final tower and the tower was handed over to thebuyer Equinox. The Company also sold its land in Goa for a consideration of Rs. 115crore. SEL's 100% owned subsidiary Cardinal Energy and Infrastructure Private Limited(CEIPL) has inflows from the rent of its commercial property in Bangalore to the tune ofRs. 15.47 crore and a rental income from its Hyderabad property of Rs. 14 crore. Yourcompany is evaluating opportunities for its land banks in Bangalore Mysore Mangalore andChennai and looks forward to bringing you a number of new developments in the coming year.
The textile unit in Ahmedabad continued to post profits. The profits foil by 6.3% toRs. 1037.72 lakhs as compared to the Rs. 1107.87 lakhs from the previous year. Themanagement continues to explore various options to sustain and ultimately conquer theever-evolving global textile market.
Overall it was another year of sustained high performance with considerableachievements across our businesses. None of this would have been possible without thededication and determination of our people. I would like to thank our extended partnersdealers suppliers and other stakeholders for their hard work and commitment in thiscritical phase of Swan Energy.
Finally I thank you for your continued trust confidence and support.
Warm Regards Nikhil V. Merchant