Business
Half Yearly Report
Half Yearly Report.
About this update from Mercantile Ports & Logistics Limited
[{"type":"text","content":"\n \nRNS Number : 6107R SKIL Ports & Logistics Limited 15 September 2014 \n\n \nSKIL Ports and Logistics Limited\n(\"SPL\" or the \"Company\")\nInterim Report for the Period ended 30 June 2014\n \nThe Company is pleased to announce its interim results for the period ended 30 June 2014.\n \nChairman's statement\nI am pleased to report that the level of activity on the ground has continued in line with management's expectations and in accordance with the plans agreed with the Company's EPC contractor. During the period and since the period end, work has continued to progress on two of the three key areas of the build out, including reclamation and dredging in the approach channel. The third key area of the build out consists of the laying of piles for jetty construction and will start to see significant progress following the monsoon, which is expected to conclude by the end of this month.\nOver the next few months, works will continue to progress, with a particular focus on ground reclamation, casting of piles for the jetty and dredging within the harbour basin. \nBased on the progress to date, as outlined above, I remain confident that SPL will deliver a fully developed and operational facility by the end of 2015. We constantly liaise with our contractors and engineers to identify delays and potential delays and thus far are satisfied that the build out of the facility would be operational by the close of 2015. We continue to evaluate our internal headcount to match the development of the Company. Our cash position reflects the progress and costs that have been incurred on the site and the Company has so far incurred capex of GBP 21.15 million by the end of the period. With cash balances of GBP 45.5 million as at June 30, 2014 and with the Company's credit facility of GBP 47.03 million in place, the Board believes that the Company has sufficient recourses to complete the project and incur the scheduled capex. \nI believe that SPL is well positioned to benefit from one of the most optimistic environments in India's recent history. The formation of a new government has injected a 'can do' sense in all parts of society and this only bodes well for our project, which I believe remains of strategic importance for Maharashtra and India as a whole. \n \n \nNikhil Gandhi\n ...