Mercantile Shipping : Quarterly Finance Report 31.12.2021

Q3

2021/2022

Interim Financial Reports

For the period ended 31 December 2021

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 (Appointed w e f 09.08.2021)

C C Wickramatileka (Appointed w e f 16.08.2021)

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
		09 Months				03 Months			31.03.2021
	Unaudited	Unaudited	Increase/	Unaudited	Unaudited	Increase/	Audited
	(Decrease)	(Decrease)
For the Period ended 31 dec 2021	31.12.2021	31.12.2020	31.12.2021	31.12.2020	31.03.2021
%		%
(In Rs.)
Continuing Operations
Revenue	14,668,828	14,016,943	5		4,926,172	4,816,485	2		18,833,428
Cost of Sales	(2,300,672)	(3,480,822)	(34)		(79,264)	(1,160,274)	(93)		(4,690,818)
Gross Profit / (Loss)	12,368,155	10,536,121	17		4,846,907	3,656,211	33		14,142,610
Other Income / (Expenses)	1,593,711	-	100		1,055,712	-	100		1,280,756
Selling and marketing expenses	(20,000)	(134,384)	-		(20,000)	(125,000)	100		(154,384)
Adiministrative Expenses	(11,300,045)	(12,305,645)	(8)		(4,144,138)	(3,955,106)	5		(17,812,531)
Operating Profit/(Loss)	2,641,821	(1,903,908)	(239)		1,738,481	(423,895)	(510)		(2,543,550)
Finance Cost	(1,469)	(199,881)	(99)		(0)	(84,465)	(100)		(223,789)
Finance Income	1,605,816	1,884,625	-		542,869	618,002	(12)		2,885,286
Gain on Loss of Control over Subsidiaries		-				-			2,795,660,103
Profit / (Loss) before Tax	4,246,169	(219,164)	(2,037)		2,281,351	109,642	1,981		2,795,778,050
Income Tax expese / (reversal)	11,128	-	-		11,128	-	100		138,122
Profit/(Loss) for the Year from continued operations	4,257,296	(219,164)	(2,043)		2,292,478	109,642	(100)		2,795,916,171
Discontinued Operations
Profit/(Loss) for the Year from discontinued operations	-	(74,524)	-		-	(74,524)	-		-
Profit for the year	4,257,296	(293,687)			2,292,478	35,119			2,795,916,171
Attributable to ;
Owners of the Company	4,257,296	(293,687)	(1,550)		2,292,478	35,119	(100)		2,795,916,171
Earnings per Share
Basic Earnings / (Loss) per Share from continuing operations*	1.50	(0.08)			0.81	0.04			982.75
Basic Earnings / (Loss) per Share from discontinuing operations*	-	(0.03)			-	(0.03)			-

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

			09 Months				03 Months
		Unaudited	Unaudited	Increase/	Unaudited	Unaudited	Increase/
		(Decrease)	(Decrease)
		31.12.2021	31.12.2020	31.12.2021	31.12.2020
For the Period ended 31 dec 2021		%		%
(In Rs.)
Profit / (Loss) for the Period		4,257,296	(293,687)	-		2,292,478	35,119	6,428
Other Comprehensive Income
Exchange Differences on Translation of Foreign Operations		-	58,944,754	(100)		-	(26,975,594)	(100)
Other Comprehensive Income/(Loss) for the period, net of		-	58,944,754	(100)		-	(26,975,594)	(100)
tax
Total Comprehensive Income for the period, net of tax		4,257,296	58,651,067	(93)		2,292,478	(26,940,475)	(109)
Attributable to ;
Owners of the Company		4,257,296	58,651,067	(93)		2,292,478	(26,940,475)	(109)
*Computed based on 2,844,990 ordinary shares on issue at 31.03.2021
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

MERCANTILE SHIPPING COMPANY PLC
Interim Financial Statements-31 December 2021	Page 1 of 18

Audited 31.03.2021

2,795,916,171

-

-

2,795,916,171

2,795,916,171

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 31 Dec 2021			31.12.2021	31.12.2020	31.03.2021
ASSETS
Non-Current Assets
Property, Plant & Equipment			142,354	196,292	182,807
Investment Property			42,754,681	45,648,271	44,637,840
Deferred Tax Asset			63,329	-	52,201
			42,960,364	45,844,563	44,872,848
Current Assets
Trade and Other Receivables			13,753,694	19,384,707	13,724,467
Advance and Prepayments			1,335,402	1,485,502	1,142,328
Income Tax Recoverables			3,675,098	3,675,098	3,675,098
Other Current Financial Assets	09		41,766,730	37,632,709	39,023,897
Cash and Cash Equivalents	10		2,868,720	335,555	286,179
Assets directly Associated with Discontinued Operations	4.1		-	503,364	-
			63,399,643	63,016,934	57,851,970
Total Assets			106,360,007	108,861,497	102,724,818
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital			37,262,606	37,262,606	37,262,606
Exchange Reserve			-	(583,615,822)	-
Retained Earnings / (losses)			53,023,848	(2,747,443,305)	48,766,552
Total Equity			90,286,454	(3,293,796,521)	86,029,158
Non-Current Liabilites
Retirement Benefit Liabilty			1,076,073	1,536,150	966,575
Deferred Tax Liability			-	85,920	-
			1,076,073	1,622,070	966,575
Current Liability
Trade & Other Payables			11,005,847	13,499,043	13,446,120
Interest Bearing Loans and Borrowings	11		18,758	3,710,196	485,793
Tax Payables			3,972,876	3,972,876	1,797,170
Liabilities directly Associated with Discontinued Operations	4.1		-	3,379,853,833	-
			14,997,480	3,401,035,948	15,729,083
Total Equity and Liabilities			106,360,007	108,861,497	102,724,818
NAV per share (Rs.)			31.74	(1,157.75)	30.24

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	C.D.A.Peiris	R.M.R.V.Rathnayake
Chairman	Director	Accountant
14th February 2022
Colombo

MERCANTILE SHIPPING COMPANY PLC
Interim Financial Statements-31 December 2021	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
		Stated Capital	Foreign Currency	Retained Earnings	Total Equity
		Translation Reserve
For the Period ended 31 dec 2021
Balance as at 01	April 2020	37,262,606	(642,560,576)	(2,747,149,618)	(3,352,447,588)
Profit / (Loss) for the Period	-	-	(293,687)	(293,687)
Other Comprehensive Income	-	58,944,754	-	58,944,754
Balance as at 31	Dec 2020	37,262,606	(583,615,822)	(2,747,443,305)	(3,293,796,521)
Balance as at 01	April 2021	37,262,606	-	48,766,552	86,029,158
Profit / (Loss) for the Period	-	-	4,257,296	4,257,296
Other Comprehensive Income	-	-	-	-
Balance as at 31	Dec 2021	37,262,606	-	53,023,848	90,286,454

MERCANTILE SHIPPING COMPANY PLC
Interim Financial Statements-31 December 2021	Page 3 of 18