Mercantile Ports & Logistics (AIM: MPL), which is developing a modern port and logistics facility in Navi Mumbai, Maharashtra, India, announces its interim results for the period ended 30 June 2019.
Highlights during and post period:
· Deployment of monies raised in December to make facility operationally ready
· Official inauguration ceremony took place on 8 March, presided over by the Honourable Chief Minister of Maharashtra
· Secured £5.5 million contract with Tata projects Ltd and Daewoo Engineering
· Encouraging visibility on delivering further contracts wins, with the Company expecting meaningful revenues to be generated in the coming months
Nikhil Gandhi, Executive Chairman of MPL, commented: "I am delighted to report on a period of progress, following the inauguration of Karanja Port and the generation of first revenue from cargo movements. The strategic importance of Karanja Port has been demonstrated by the multi-year contract with Tata and Daewoo and we continue to see interest from numerous other parties to use our Facility.
"Currently, we are negotiating with, or in diligence and contracting phase with, at least two other major corporations to start using our facility during the course of 2019 and we have built a growing pipeline of potential customers. We look forward to contracting with more of the largest and most prestigious companies operating in the Sub Continent and delivering growth for our shareholders."