Mercator Lines warns of loss

Q3's drop in profits due to MV Prem Putli's sales loss.

In a release, the Board of Directors of Mercator Lines Limited has announced that based on information currently available, the group expects to record net loss for Q3 FY2013 and 9 months period ended 31 December 2012. 

The expected drop in the company’s profits for Q3 FY2013 is primarily attributable to loss on sale of the vessel, MV Prem Putli, compensation and provisions pursuant to negotiations/settlement agreements with the owners of long term chartered in vessels and lower revenue due to adverse market conditions.

Further details of the group’s financial performance will be disclosed when the company announces its unaudited financial results for Q3 FY2013 by 15 February 2013.