20th May 2015 09:54
LONDON (Alliance News) - SKIL Ports & Logistics Ltd Wednesday said it swung to a GBP135,000 net loss in 2014, compared with a GBP1.0 million profit in 2013, as finance income dropped, but the Chairman put his reputation on the line by pledging that its new port facility would be partially operational by the end of this year.
The company, which is developing a port and logistics facility in Mumbai, India, isn't currently earning any revenue.
It said it is confident that it has the money to complete the facility, with cash at the end of 2014 standing at GBP41 million. It secured a debt facility of about GBP48 million for the project during the year.
Chairman Nikhil Gandhi said he expects the facility to be partially operational by the end of 2015. The company has carried out significant work on access roads to allow heavy machinery into site, and expects to start ground improvement and compaction work shortly.
It also expects to resolve local community issues in the near-term and fully mobilise the contractor's workforce after that. It wants to move to a 24 hour operation, boosting productivity be between 60% and 70%.
SKIL shares were up 1.5% at 41.60 pence Wednesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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