Business
Interim Results
Mercantile Ports & Logistics Limited announced its interim results for the period ended June 30, 2025, revealing a challenging financial performance. Revenues decreased by approximately 7% year-on-year. The consolidated operating loss before depreciation and impairment loss was £6.3 million, impacted by a write-off of approximately £6 million in advances to an EPC contractor and a £6.9 million impairment. The company reported a net loss for the period of £17.958 million. Total assets amounted to £92.017 million, while total liabilities reached £53.216 million, resulting in net assets of £38.801 million. Cash and cash equivalents at the end of the period stood at £480,000. Disclaimer*
About this update from Mercantile Ports & Logistics Limited
[{"type":"text","content":"\n\n30 September 2025\nMercantile Ports & Logistics Limited\n(\"MPL\", the Group or the \"Company\")\nInterim Results\nMercantile Ports & Logistics Limited (AIM: MPL), which is operating a port and logistics facility in Navi Mumbai, Maharashtra, India announces its interim results for the period ended 30 June 2025.\nManagement Statement:\nAs previously announced, the Company's performance during the period was impacted by the Company's ongoing negotiations with its lenders, given that the Company has been engaged for nearly two years with its banks to refinance the debt held by its Indian lenders. In May 2025 the company made a one-time settlement offer (\"OTS\") offer to lenders to settle the debt at GBP 43mn. The lenders ran a process for price discovery, wherein they received a bid from the third party to settle the debt at GBP 46.5mn. In exercising its right of first refusal, the company offered a settlement amount of GBP 47.1 million and was subsequently declared as the successful bidder by the consortium. Between June and July 2025, sanctioning authorities of two of the three lenders approved the OTS proposal for the Company's term debt, with approval from the third lender pending. In September 2025, the Company was informed that the OTS had been annulled, as the third lender's approval had not been received. It was further understood that an arbitrary bid had been received by the lenders which offered to settle the debt at GBP 52 million.\nThe Company maintains that it has met all of its obligations under the agreed terms and has taken steps to safeguard its position. Legal proceedings have been initiated before the High Court of Delhi, where interim protection has been granted. The Company is represented in these proceedings by senior legal counsel, including a former Attorney General of India.\nThrough the continued support of its shareholders and the sustained efforts of the Company, a strategically important and valuable port and logistics asset has been developed. However, business operations on the ground have been constrained by the uncertainty and the time taken to conclude the debt settlement process.\nThe Board remains fully committed to safeguarding the Company's core asset and protecting the interests of all stakeholders.\nAt present, the court is due to deliver its interim ruling on 6 October 2025. Sh...