Some Headway

May 23, 2012 (LBO) - Sri Lanka's listed Mercantile Shipping Company Plc, cut losses in the March 2012 quarter to 1.89 million rupees in the from 18.2 million a year earlier helped by stronger margins, interim accounts show. The firm reported losses of 66 cents per share for the quarter. For the year to March it reported a loss of 12.80 rupees per share on total losses of 36.4 million rupees.

Revenues of Mercantile Shipping group fell 4 percent to 188.4 million rupees in the March 2012 quarter and cost fell at a faster 22 percent to 143 million rupees, allowing gross profits to grow 250 percent to 45 million rupees.
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The firm had finance costs of 34 million rupees up 70 percent from a year earlier.

The group also repaid 145 million rupees of borrowings during the year to March. It had charged 180 million rupees in depreciation.
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