Mercantile Ports & Logistics Ltd - India-focused developer of a port and logistics facility - In 2023, pretax loss widened to GBP21.3 million from GBP12.1 million a year prior. Revenue grew 12% to GBP5.5 million from GBP4.9 million. Administrative expenses fell 15% to GBP3.3 million from GBP3.7 million. Impairment loss of GBP9.9 million reported for port asset. Cash and cash equivalents increased to GBP2.9 million from GBP558,000.
Chair Jeremy Allen said: "This company has started using Karanja Port for its supply vessel operations for loading and unloading supplies to its offshore oil assets. In addition, we are in discussions with several parties for leasing land for fabrication works for infrastructure and Oil & Gas sectors."
Hunch Ventures & Investment Pvt Ltd entered into a loan agreement with Mercantile's Indian subsidiary for GBP4.4 million in August 2021 to fund operations. Loan, which was fully undrawn, has now been cancelled and superseded. New loan for GBP15 million can be drawn in one or more tranches from June 1 to December 31 2027 with a rate of 8% per annum.
Current stock price: 2.00 pence, up 25%
12-month change: down 25%
By Elijah Dale, Alliance News reporter
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