(Alliance News) - Mercantile Ports & Logistics Ltd on Tuesday said it is excited about its prospects as it is progressing on the development of a modern port and logistics facility in Mumbai, India.
The company reported pretax loss of GBP3.3 million for 2018 compared to GBP3.4 million reported a year earlier. Mercantile did not generate any revenue in either year.
The AIM-listed company said the logistics facility now has a fenced custom bond area, a brand new operational office block, a six lane gated complex and furnished operating work spaces for Custom officers and other port users.
Covered storage facilities are currently being planned and will be completed in consultation with contracted customers and their requirements.
"2018 was a year of progress and that has continued into 2019," said Executive Chair Nikhil Gandhi.
"With a growing economy and a settled political backdrop which is supportive of infrastructure development and the company, I am excited about the prospects for Mercantile Ports & Logistics," added Gandhi.
The stock was trading 5.0% higher in London on Tuesday at 1.90 pence a share.
Mercantile Ports & Logistics (MPL)