27th Sep 2013 13:05
LONDON (Alliance News) - SKIL Ports & Logistics Limited Friday said pretax profits declined in the first half, but it is on track to develop a logistics facility in Mumbai, India.
The company, which was created as a holding company for Indian port assets and is building its first facility at Karanja Creek in the Raigad District of Maharashtra, reported pretax profit of GBP1.9 million for the period ended June 30, down from GBP2.2 million a year earlier.
SKIL is still to record any revenue, but its finance income dropped to GBP2.4 million from GBP2.7 million.
The cash and cash equivalent balances of the company were GBP62.8 million at the end of the period.
"With the monsoon season drawing to a close, the project's contractor advises that activity on the site will accelerate as planned," the company said in a statement.
SKIL shares were trading at 87.40 pence Friday afternoon, up 1.40 pence or 1.6%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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