Business
Interim results for the period ended 30 June 2018
Interim results for the period ended 30 June 2018.
About this update from Mercantile Ports & Logistics Limited
[{"type":"text","content":"\n \nRNS Number : 2503C Mercantile Ports & Logistics Ltd 28 September 2018 \n\nThe information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n28 September 2018\nMercantile Ports & Logistics Limited\n(the \"Company\" or \"MPL\")\n \nInterim results for the period ended 30 June 2018\nMercantile Ports & Logistics Limited (AIM: MPL) is pleased to announce its interim results for the period ended 30 June 2018, as it develops its modern port and logistics facility in Mumbai, India, which when completed will consist of approximately 200 acres of reclaimed land.\nEnquiries:\n\n\n\n\nMPL\n\n\nC/O Redleaf Communications\n+44 (0) 20 3757 6880\n\n\n\n\nCenkos Securities plc\n(Nomad and Broker)\n\n\nStephen Keys\n+44 (0) 20 7397 8900\n\n\n\n\nRedleaf Communications\n(Financial PR)\n\n\nAdam Lloyd / Fiona Norman\n+44 (0) 20 3757 6880\[email protected]\n\n\n\n\n \n \nChairman's Statement\nThe first half of 2018 saw progress made at MPL with the facility now physically ready to receive vessels, and we were delighted to receive an extension to our lease to beyond 2060. However, there was also frustration as the customs' approval process, which is necessary to enable the facility to operate, has taken longer than anticipated.\nCustom Clearance\nThe Company is pleased to report that all approvals have been received and that this has been the position for a number of weeks. In addition, further to the announcement on the 18 June regarding the receipt of customs' notification under section 7 of the Customs Act 1962, the Company can confirm that its wholly owned subsidiary, Karanja Terminal and Logistics Private Limited (\"KTLPL\") has received confirmation from the Ministry of Finance for the change of jurisdiction to Jawaharlal Nehru (\"JN\") Custom House. This will enable the Company to have seamless container handling operations between Karanja and Jawaharlal Nehru Port Trust (\"JNPT\") Port, which is India's largest and busiest container handling port. Strategically, this is a substantial development as it gives access to a wider and well-established customer base which will not have to deal wit...