Mercantile Shipping : Quarterly Finance Report 30.06.2022

Q1

2022/2023

Interim Financial Reports

For the period ended 30 June 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 (Appointed w e f 09.08.2021)

C C Wickramatileka (Appointed w e f 16.08.2021)

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: [phone]

Fax: [phone]

E-mail: [e-mail]

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
		03 Months
	Unaudited	Unaudited	Increase/
	(Decrease)
For the Period ended 30 June 2022	30.06.2022	30.06.2021
%
(In Rs.)
Continuing Operations
Revenue	5,205,142	4,816,485	8
Cost of Sales	(778,458)	(1,110,204)	-
Gross Profit / (Loss)	4,426,684	3,706,281	19
Other Income / (Expenses)	54,974	315,588	(83)
Selling and marketing expenses	(11,500)	-	-
Adiministrative Expenses	(5,200,282)	(3,485,580)	49
Operating Profit/(Loss)	(730,124)	536,289	(236)
Finance Cost	-	(1,469)	(100)
Finance Income	1,454,914	526,750	-
Profit / (Loss) before Tax	724,790	1,061,570	(32)
Income Tax expese / (reversal)	71,050	-	-
Profit/(Loss) for the Year from continued operations	795,840	1,061,570	(25)
Discontinued Operations
Profit/(Loss) for the Year from discontinued operations	-	(12,084,497)	-
Profit for the year	795,840	(11,022,927)
Attributable to ;
Owners of the Company	795,840	(11,022,927)	(107)
Earnings per Share
Basic Earnings / (Loss) per Share from continuing operations*	0.28	0.37
Basic Earnings / (Loss) per Share from discontinuing operations*	-	(4.25)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
		03 Months
	Unaudited	Unaudited	Increase/
	(Decrease)
	30.06.2022	30.06.2021
For the Period ended 30 June 2022	%
(In Rs.)
Profit / (Loss) for the Period	795,840	(11,022,927)	(107)
Other Comprehensive Income
Exchange Differences on Translation of Foreign Operations	-	(5,183,026)	(100)
Acturial Gain/(loss)	218,713	-	100
Deferred tax on Acturial (Gain)/loss	(52,491)
Other Comprehensive Income/(Loss) for the period, net of	166,222	(5,183,026)	(103)
tax
Total Comprehensive Income for the period, net of tax	962,062	(16,205,952)	(106)
Attributable to ;
Owners of the Company	962,062	(16,205,952)	(106)

*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

MERCANTILE SHIPPING COMPANY PLC
Interim Financial Statements-30 June 2022	Page 1 of 18

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	Unaudited
	Notes	as at	as at	as at
As at 30 June 2022		30.06.2022	30.06.2021	31.03.2022
ASSETS
Non-Current Assets
Property, Plant & Equipment		272,156	169,323	296,578
Investment Property		41,499,229	43,627,447	42,126,955
Deferred Tax Asset		17,169	52,201	-
		41,788,554	43,848,971	42,423,533
Current Assets
Trade and Other Receivables		3,675,394	13,724,467	3,714,613
Advance and Prepayments		1,447,716	1,321,660	1,340,833
Income Tax Recoverables		-	3,675,098	-
Other Current Financial Assets	09	42,280,410	39,861,282	41,137,645
Cash and Cash Equivalents	10	4,150,772	1,351,875	3,411,695
Assets directly Associated with Discontinued Operations		-	530,570	-
		51,554,292	60,464,952	49,604,786
Total Assets		93,342,846	104,313,923	92,028,319
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital		37,262,606	37,262,606	37,262,606
Exchange Reserve		-	(828,462,344)	-
Retained Earnings / (losses)		42,373,343	(2,799,636,230)	41,411,192
Total Equity		79,635,949	(3,590,835,969)	78,673,798
Non-Current Liabilites
Retirement Benefit Liabilty		979,838	966,575	944,207
Deferred Tax Liability		-	-	1,389
		979,838	966,575	945,596
Current Liability
Trade & Other Payables		12,554,406	13,811,239	12,087,253
Interest Bearing Loans and Borrowings	10	169,240	37,250	318,257
Tax Payables		3,414	1,797,170	3,414
Liabilities directly Associated with Discontinued Operations		-	3,678,537,659	-
		12,727,060	3,694,183,317	12,408,923
Total Equity and Liabilities		93,342,846	104,313,923	92,028,319
NAV per share (Rs.)		27.99	(1,262.16)	27.65

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 August 2022
Colombo

MERCANTILE SHIPPING COMPANY PLC
Interim Financial Statements-30 June 2022	Page 2 of 18

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
		Stated Capital	Foreign Currency	Retained Earnings	Total Equity
For the Period ended 30 June 2022	Translation Reserve
Balance as at 01	April 2021	37,262,606	(823,279,318)	(2,788,613,394)	(3,574,630,106)
Profit / (Loss) for the Period	-	-	(11,022,926)	(11,022,926)
Other Comprehensive Income	-	(5,183,026)	-	(5,183,026)
Balance as at 30	June 2021	37,262,606	(828,462,344)	(2,799,636,320)	(3,590,835,969)
Balance as at 01	April 2022	37,262,606	-	41,411,192	78,673,798
Profit / (Loss) for the Period	-	-	795,840	795,840
Other Comprehensive Income	-	-	166,222	166,222
Balance as at 30	June 2022	37,262,606	-	42,373,343	79,635,949

MERCANTILE SHIPPING COMPANY PLC
Interim Financial Statements-30 June 2022	Page 3 of 18