Dear Stakeholder it is a measure of how rapidly our world has changed that when welook back at the year gone by it feels like a different era altogether. The corona viruscrisis is the most disruptive event in modern human history. The resultant economic crisishas only compounded the global community's hardships. in the current contextorganizations have to be intensely future-oriented and we at Swan remain focused on ourlong-term strategy.
Over the course of this past year Swan LNG Private Limited (a subsidiary of SwanEnergy) has moved a step closer to commissioning india's first ever FSRU based LNGterminal. With the vessel manufacturing completed the gas trials were concluded and themanufacturer Hyundai Heavy industries at South Korea is performing final checks beforedelivery of the vessel. The port development works were on sail for the major part ofFY2019-20 only to be halted by the Covid-19 crisis and the subsequent monsoons. Howeveryour company is geared up to maneuver through the tough times with renewed agility and itsdeep-rooted values of quality determination and excellence. The textile unit in Ahmedabaddelivered on its commitment of value creation for the shareholders. With the revampedbusiness model and streamlined operations the business posted an EBiTDA of Rs. 19.47crore up from Rs. 14.78 crore a year ago. Your company plans to modernize the plant andincrease capacity by 20% over the next fiscal year. We believe that unlike our globalcounterparts india is well positioned to emerge stronger than ever if it seizes theopportunity to become the preferred manufacturing destination. in the real estate sectordelays are expected in the completion of the ongoing 3.22 lakh square feet jointdevelopment residential project in Bangalore due to the global crisis. However the twoalready completed sites continued to provide rental in come to the tune of Rs. 31.89crore. Your company is looking to expand its realty division and intends on monetizing its30000 sq. feet land parcel in Bangalore in the near future.
The next few months will be challenging. However with its deep relationshipsdiversified businesses and resilient DNA your company is well positioned to leverage thecurrent downturn and take advantage of new opportunities in the future.
On behalf of the Board of Directors of Swan Energy i want to thank you for yourcontinued trust confidence and support.