Shipping Costs

May 30, 2011 (LBO) - Sri Lanka's Mercantile Shipping lost 38 million rupees in the March 2011 quarter through revenues rose 22 percent to 197 million rupees, according to interim accounts.

Last year Mercantile Shipping warned shareholders that despite taking delivery of new vessels international charter rates were depressed in the near term.

For the full year ending March the group lost 23.

5 million rupees against a profit of 26 million a year earlier.

Last year profits were boosted by the sale of an old vessel.

Up to 2009, the firm also had business from operating vessels within Sri Lanka's territorial waters but its business now comes entirely from international operations.

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In the year to March revenues rose 25 percent to 602 million rupees.

Its finance costs rose 65 percent to 91 million rupees.