Mercantile Ports & Logistics, a London-listed company operating a facility in Navi Mumbai, India, has announced a narrowed pretax loss in the first half of the year. The company reported a loss of £5.4 million, compared to £6.5 million in the previous year, while revenue increased to £2.7 million from £1.9 million.
The positive financial performance is attributed to higher revenue and an optimistic outlook for the future. Mercantile Ports & Logistics revealed that it has a robust pipeline of new customers interested in utilizing its facility, which will contribute to further business expansion.
While the Indian subsidiary has been engaged in discussions regarding the restructuring of existing debt, the completion of this process remains uncertain. However, the company is confident that its strong operational and financial performance in the second half of the year will help achieve its targets for the current financial year.
Mercantile Ports & Logistics aims to continue its growth trajectory and capitalize on opportunities in the market. Sharesholders can expect promising results in the coming months.
By Anthony O. Goriainoff