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: +94 11 4489900
Fax: +94 11 4489999
E-mail: info@mercmarine.net
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
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Mercantile Shipping Company plc published this content on 15 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 February 2023 11:16:03 UTC.