Thursday, February 7, 2013
Mercator
Mercator: profit warning. Warns that it expects to record a net loss for 3QFYMar13 and 9MFY13, due to loss on sale of the vessel MV Prem Putli, compensation and provisions pursuant to negotiations and settlement agreements with the owners of long term chartered in vessels, and lower revenue due to adverse market condition.
Separately, Mercator said it has entered into a memorandum of agreement to sell Sri Prem Putli , a very large ore carrier vessel for net proceeds of US$ 44.4 m. This could result in the co incurring a loss on sale of the vessel of ~US$23m.
Mercator is due to announce its 3Q results by Feb 15.
The stock is down 2.2% at $0.134.
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