Mercantile Shipping : Quarterly Financial Report 31.12.2022

Q3

2022/2023

Interim Financial Reports

For the period ended 31 December 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

09 Months

03 Months

31.03.2022

	Unaudited	Unaudited	Increase/	Unaudited	Unaudited	Increase/		Audited
	(Decrease)	(Decrease)
For the Period ended 31 Dec 2022	31.12.2022	31.12.2021	31.12.2022	31.12.2021	31.03.2022
%	%
(In Rs.)
Continuing Operations
Revenue	13,202,304	14,668,828	(10)	3,998,581	4,926,172	(19)		19,687,989
Cost of Sales	(2,335,374)	(2,300,672)	100	(778,458)	(79,264)	100		(3,079,130)
Gross Profit / (Loss)	10,866,930	12,368,156	(12)	3,220,123	4,846,908	(34)		16,608,859
Other Income / (Expenses)	(167,437)	1,593,711	100	(453,012)	1,055,712	100		2,318,811
Selling and marketing expenses	-	(20,000)	-	-	(20,000)	100		-
Adiministrative Expenses	(14,534,884)	(11,300,045)	29	(5,054,667)	(4,144,138)	22		(28,262,148)
Operating Profit/(Loss)	(3,835,391)	2,641,821	(245)	(2,287,556)	1,738,481	(232)		(9,334,479)
Finance Cost	-	(1,469)	(100)	-	-	-		(1,469)
Finance Income	5,608,431	1,605,816	-	1,853,506	542,869	241		1,810,949
Profit / (Loss) before Tax	1,773,040	4,246,169	(58)	(434,050)	2,281,351	(119)		(7,524,999)
Income Tax expese / (reversal)	(83,858)	11,128	-	(145,182)	11,128	100		2,842,921
Profit/(Loss) for the Year from continued operations	1,689,182	4,257,296	(60)	(579,232)	2,292,478	(101)		(4,682,077)
Profit for the year	1,689,182	4,257,296		(579,232)	2,292,478			(4,682,077)
Attributable to ;
Owners of the Company	1,689,182	4,257,296	(60)	(579,232)	2,292,478	(101)		(4,682,077)
Earnings per Share
Basic Earnings / (Loss) per Share from continuing operations*	0.59	1.50		(0.20)	0.81			(1.65)
Basic Earnings / (Loss) per Share from discontinuing operations*		-		-	-			-

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

		09 Months				03 Months
	Unaudited	Unaudited	Increase/	Unaudited	Unaudited	Increase/
	(Decrease)	(Decrease)
	31.12.2022	31.12.2021	31.12.2022	31.12.2021
For the Period ended 31 Dec 2022	%		%
(In Rs.)
Profit / (Loss) for the Period	1,689,182	4,257,296	-		(579,232)	2,292,478	(125)
Other Comprehensive Income
Acturial Gain/(loss)	602,656	-	100		188,812	-	-
Deferred tax on Acturial (Gain)/loss	(13,194)	-	100		86,128	-	-
Other Comprehensive Income/(Loss) for the period, net of	589,462	-	-		274,940	-	-
tax
Total Comprehensive Income for the period, net of tax	2,278,645	4,257,296	(46)		(304,291)	2,292,478	(113)
Attributable to ;
Owners of the Company	2,278,645	4,257,296	(46)		(304,291)	2,292,478	(113)

*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-31 December 2022	Page 1 of 15

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 2022			31.12.2022	31.12.2021	31.03.2022
ASSETS
Non-Current Assets
Property, Plant & Equipment			223,313	142,354	296,578
Investment Property			40,243,777	42,754,681	42,126,955
Deferred Tax Asset			2,786,113	63,329	2,883,164
			43,253,202	42,960,364	45,306,697
Current Assets
Trade and Other Receivables			3,620,301	13,753,694	3,717,965
Advance and Prepayments			794,639	1,335,402	1,340,833
Income Tax Recoverables			-	3,675,098	-
Other Current Financial Assets	09		46,307,725	41,766,730	41,137,645
Cash and Cash Equivalents	10		1,627,937	2,868,720	3,411,695
			52,350,602	63,399,643	49,608,138
Total Assets			95,603,804	106,360,007	94,914,835
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital			37,262,606	37,262,606	37,262,606
Retained Earnings / (losses)			46,400,989	53,023,848	44,122,341
Total Equity			83,663,595	90,286,454	81,384,947
Non-Current Liabilites
Retirement Benefit Liabilty			775,317	1,076,073	1,124,378
Deferred Tax Liability			-	-	-
			775,317	1,076,073	1,124,378
Current Liability
Trade & Other Payables			8,845,716	11,005,847	12,087,251
Interest Bearing Loans and Borrowings	11		143,470	18,758	318,257
Tax Payables			2,175,706	3,972,876	-
			11,164,892	14,997,480	12,405,507
Total Equity and Liabilities			95,603,804	106,360,007	94,914,835
NAV per share (Rs.)			29.41	31.74	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	(Mrs) C.D.A.Peiris	R.M.R.V.Rathnayake
Chairman	Director	Accountant
15th February 2023
Colombo

MERCANTILE SHIPPING COMPANY PLC
Interim Financial Statements-31 December 2022	Page 2 of 15

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 31 Dec 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	-	4,257,296	4,257,296
Other Comprehensive Income	-	-	-
Balance as at 31	Dec 2021	37,262,606	53,023,848	90,286,454
Balance as at 01	April 2022	37,262,606	44,122,341	81,384,947
Profit / (Loss) for the Period	-	2,278,645	2,278,645
Other Comprehensive Income	-	-	-
Balance as at 31	Dec 2022	37,262,606	46,400,989	83,663,595

MERCANTILE SHIPPING COMPANY PLC

Interim Financial Statements-31 December 2022 Page 3 of 15