Mercantile Ports upbeat after strong fourth quarter

22nd Dec 2022 14:59

(Sharecast News) - Mercantile Ports & Logistics, which is operating and developing a port and logistics facility in Navi Mumbai, Maharashtra, India, announced on Thursday that after a "strong" final quarter of trading, it expected to meet revenue forecasts for the 2022 financial year.

The AIM-traded firm said its facility at Karanja handled around 1.2 million tonnes of various bulk commodities during the year, with the board seeing "strong momentum" going into the next period.

It said it had all the requisite infrastructure and permissions in place to handle container movement and expected to start handling containers in 2023, which would form an additional revenue stream.

"This is the first full year of uninterrupted cargo handling operations at our facility," said chief executive officer Jay Mehta.

"Every month we continue to service new clients, both on a spot and contracted basis."

Mehta said the firm's pipeline for next year looked healthy, which should enable it to build on its successes of 2022.

"Going into 2023, we are excited to be expecting to start handling new commodities including liquid bulk cargo such as base oils and bitumen."

At 1419 GMT, shares in Mercantile Ports & Logistics were up 4.59% at 8.89p.

Reporting by Josh White for Sharecast.com.