Some Headway

May 23, 2012 (LBO) – Sri Lanka’s listed Mercantile Shipping Company Plc, cut losses in the March 2012 quarter to 1.89 million rupees in the from 18.2 million a year earlier helped by stronger margins, interim accounts show. The firm reported losses of 66 cents per share for the quarter. For the year to March it reported a loss of 12.80 rupees per share on total losses of 36.4 million rupees.

Revenues of Mercantile Shipping group fell 4 percent to 188.4 million rupees in the March 2012 quarter and cost fell at a faster 22 percent to 143 million rupees, allowing gross profits to grow 250 percent to 45 million rupees.

The firm had finance costs of 34 million rupees up 70 percent from a year earlier.

The group also repaid 145 million rupees of borrowings during the year to March. It had charged 180 million rupees in depreciation.