Mercantile Shipping : Quarterly Finance Report 30.09.2022

Q2

2022/2023

Interim Financial Reports

For the period ended 30 September 2022

MERCANTILE SHIPPING COMPANY PLC

Statutory Status

COMPANY NAME

Mercantile Shipping Company PLC

LEGAL FORM

Quoted Public Company with Limited Liability, Incorporated on the 17th of March 1981 Registered No. PQ 148

BOARD OF DIRECTORS

H A R K Wickramatileka (Chairman)

T Kriwat (Managing Director)

Capt K Kriwat

(Mrs) C D A Peiris

Capt R E G Codipilly

M S P Gunawardena

P A Nandasena

W S Weeraman

(Mrs) Y S Wettasinghe

C C Wickramatileka

CORPORATE SECRETARIES

Managers & Secretaries (Pvt) Ltd

BANKERS

Commercial Bank of Ceylon PLC

AUDITORS

Ernst & Young (Chartered Accountants)

LAWYERS

Dissanayake Amaratunga Associates

(Attorneys-at-Law & Notaries Public)

REGISTERED OFFICE

108, Aluthmawatha Road

Colombo 15, Sri Lanka

Tel: [phone]

Fax: [phone]

E-mail: [e-mail]

Web: www.mercmarine.net

MERCANTILE SHIPPING COMPANY PLC
I N T E R I M F I N A N C I A L S T A T E M E N T S									All in LKR
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
		06 Months				03 Months			31.03.2022
	Unaudited	Unaudited	Increase/	Unaudited	Unaudited	Increase/	Audited
	(Decrease)	(Decrease)
For the Period ended 30 Sep 2022	30.09.2022	30.09.2021	30.09.2022	30.09.2021	31.03.2022
%		%
(In Rs.)
Continuing Operations
Revenue	9,203,723	9,742,656	(6)		3,998,581	4,926,171	(19)		19,687,989
Cost of Sales	(1,556,916)	(2,221,408)	100		(778,458)	(1,111,204)	100		(3,079,130)
Gross Profit / (Loss)	7,646,807	7,521,248	2		3,220,123	3,814,967	(16)		16,608,859
Other Income / (Expenses)	285,575	537,999	100		230,601	222,411	100		2,318,811
Selling and marketing expenses	-	-	-		-	-	100		-
Adiministrative Expenses	(9,480,217)	(7,155,907)	32		(4,278,265)	(3,670,327)	17		(28,262,148)
Operating Profit/(Loss)	(1,547,834)	903,340	(271)		(827,540)	367,051	(325)		(9,334,479)
Finance Cost	-	(1,469)	(100)		-	-	-		(1,469)
Finance Income	3,754,925	1,062,947	-		2,300,011	536,197	329		1,810,949
Profit / (Loss) before Tax	2,207,091	1,964,819	12		1,472,471	903,249	63		(7,524,999)
Income Tax expese / (reversal)	61,324	-	-		(9,726)	-	100		2,842,921
Profit/(Loss) for the Year from continued operations	2,268,415	1,964,819	15		1,462,745	903,249	(100)		(4,682,077)
Profit for the year	2,268,415	1,964,819			1,462,745	903,249			(4,682,077)
Attributable to ;
Owners of the Company	2,268,415	1,964,819	15		1,462,745	903,249	(100)		(4,682,077)
Earnings per Share
Basic Earnings / (Loss) per Share from continuing operations*	0.80	0.69			0.51	0.32			(1.65)
Basic Earnings / (Loss) per Share from discontinuing operations*	-	-			-	-			-

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

		06 Months				03 Months
	Unaudited	Unaudited	Increase/	Unaudited	Unaudited	Increase/
	(Decrease)	(Decrease)
	30.09.2022	30.09.2021	30.09.2022	30.09.2021
For the Period ended 30 Sep 2022	%		%
(In Rs.)
Profit / (Loss) for the Period	2,268,415	1,964,819	-		1,462,745	903,249	62
Other Comprehensive Income
Acturial Gain/(loss)	413,844	-	100		195,131	-	-
Deferred tax on Acturial (Gain)/loss	(99,322)	-	100		(46,831)	-	-
Other Comprehensive Income/(Loss) for the period, net of	314,522	-	-		148,300	-	-
tax
Total Comprehensive Income for the period, net of tax	2,582,936	1,964,819	31		1,611,044	903,249	78
Attributable to ;
Owners of the Company	2,582,936	1,964,819	31		1,611,044	903,249	78

*Computed based on 2,844,990 ordinary shares on issue at 31.03.2022

The notes to the financial statements on pages from 9 to 12 form an integral part of the financial statements. The figures in brackets indicate deductions

Audited

31.03.2022

(4,682,077)

49,824

(11,958)

37,866

(4,644,211)

(4,644,211)

MERCANTILE SHIPPING COMPANY PLC
Interim Financial Statements-30 September 2022	Page 1 of 18

MERCANTILE SHIPPING COMPANY PLC
I N T E R I M F I N A N C I A L S T A T E M E N T S					All in LKR
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
			Unaudited	Unaudited	Audited
	Notes		as at	as at	as at
As at 30 Sep 2022			30.09.2022	30.09.2021	31.03.2022
ASSETS
Non-Current Assets
Property, Plant & Equipment			247,734	155,839	296,578
Investment Property			40,871,503	42,617,035	42,126,955
Deferred Tax Asset			2,845,166	52,201	2,883,164
			43,964,403	42,825,075	45,306,697
Current Assets
Trade and Other Receivables			3,766,499	13,722,431	3,717,965
Advance and Prepayments			1,289,472	1,096,073	1,340,833
Income Tax Recoverables			-	3,675,098	-
Other Current Financial Assets	09		44,953,538	40,525,222	41,137,645
Cash and Cash Equivalents	10		2,641,190	2,336,134	3,411,695
			52,650,699	61,354,958	49,608,138
Total Assets			96,615,102	104,180,033	94,914,835
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital			37,262,606	37,262,606	37,262,606
Retained Earnings / (losses)			46,705,281	50,731,371	44,122,341
Total Equity			83,967,887	87,993,977	81,384,947
Non-Current Liabilites
Retirement Benefit Liabilty			994,306	966,575	1,124,378
Deferred Tax Liability			-	-	-
			994,306	966,575	1,124,378
Current Liability
Trade & Other Payables			8,231,983	11,220,360	12,087,251
Interest Bearing Loans and Borrowings	11		1,245,221	26,246	318,257
Tax Payables			2,175,706	3,972,876	-
			11,652,909	15,219,482	12,405,507
Total Equity and Liabilities			96,615,102	104,180,033	94,914,835
NAV per share (Rs.)			29.51	30.93	28.61

The figures are provisional and subject to audit.

The Chief Financial Officer certifies that the financial statements have been prepared in compliance with the requirement of the Companies Act No. 07 of 2007.

H.A.R.K.Wickramathilake	P.A.Nandasena	R.M.R.V.Rathnayake
Chairman	Director	Accountant
11th November 2022
Colombo

MERCANTILE SHIPPING COMPANY PLC
Interim Financial Statements-30 September 2022	Page 2 of 18

MERCANTILE SHIPPING COMPANY PLC

I N T E R I M F I N A N C I A L S T A T E M E N T S			All in LKR
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
		Attributable to equity Holders of the company
For the Period ended 30 Sep 2022	Stated Capital	Retained Earnings	Total Equity
Balance as at 01	April 2021	37,262,606	48,766,552	86,029,158
Profit / (Loss) for the Period	-	1,964,819	1,964,819
Other Comprehensive Income	-	-	-
Balance as at 30	Sep 2021	37,262,606	50,731,371	87,993,977
Balance as at 01	April 2022	37,262,606	44,122,345	81,384,951
Profit / (Loss) for the Period	-	2,582,936	2,582,936
Other Comprehensive Income	-	-	-
Balance as at 30	Sep 2022	37,262,606	46,705,281	83,967,887

MERCANTILE SHIPPING COMPANY PLC

Interim Financial Statements-30 September 2022 Page 3 of 18