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Pin to quick picksInfra.india Regulatory News (IIP)

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Trading Update and Statement re COVID-19

17 Mar 2020 07:00

RNS Number : 3653G
Infrastructure India plc
17 March 2020
 

17 March 2020

 

Infrastructure India plc

("IIP", the "Company and together with its subsidiaries the "Group")

 

Trading Update and Statement re COVID-19

 

Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, provides the following update in relation to IIP's largest asset, Distribution Logistics Infrastructure Limited ("DLI"), as a result of the global COVID-19 pandemic.

During the first quarter of the calendar year, DLI performed well, with increased revenue and lower quarter on quarter costs and timely project completion. Construction at Nagpur, including a Private Freight Terminal and additional warehousing, is now complete and operations at the new facilities have been ramping up. Works are progressing at Bangalore and Palwal with both sites expecting initial operations to commence in Q2 2020. At Chennai, DLI is working through regulatory approvals and completion of the terminal remains on target for the end of 2020.

The primary market impact of the global pandemic at present has been an overall reduction in the flow of export-import goods between India and China and changes in the flow of goods has had an impact on the cycling balance of containers.

Reduced movements of goods and raw materials between China and India has impacted some of DLI's customers' inventories and therefore production and shipping. The changes in the balance of movements of goods, as a result of the global pandemic, are resulting in bottlenecks as empty containers need to be repositioned to meet domestic and export shipments. In particular, a current lack of available empty containers is having an impact on Indian hinterland exporters.

The Group anticipates that this trend will become more evident across the Indian domestic market, which imports raw materials from China, in the near term.

It is too early for the Board to quantify the potential future impacts of the global pandemic. Despite the progress at its terminals made during Q1 2020, DLI management anticipate ongoing volatility with freight volume and container cycles, given the current and potential future impacts of the global pandemic.

The Company will provide further updates, as appropriate, in due course.

Enquiries:

 

Infrastructure India plc

Sonny Lulla 

 

 

www.iiplc.com

Via Novella

Cenkos Securities plc

Nominated Adviser & Joint Broker

Ben Jeynes / Katy Birkin

+44 (0) 20 7397 8900

Nplus1 Singer Advisory LLP

Joint Broker

James Maxwell - Corporate Finance

James Waterlow - Investment Fund Sales

 

+44 (0) 20 7496 3000

Novella

+44 (0) 20 3151 7008

Financial PR

Tim Robertson / Fergus Young

 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
TSTUNUKRROUOAAR
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28th Feb 20127:00 amRNSSecured Loan Facility
1st Feb 20127:30 amRNSBroker Re-organisation
19th Dec 20117:00 amRNSHalf Yearly Report
1st Dec 20117:00 amRNSDirectorate Change
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24th Oct 20115:13 pmRNSHolding(s) in Company
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17th Oct 20117:00 amRNSVLMS Completion; Director Appt; Issue of Equity
13th Oct 20117:00 amRNSBroker Appointment
26th Sep 201111:30 amRNSHolding(s) in Company
22nd Sep 20119:01 amRNSForm 8 (DD) - Infrastructure India
21st Sep 20117:00 amRNSCompletion; Equity Issue; TVR; Directors Interests
20th Sep 201111:27 amRNSResult of IEL Court Meeting
20th Sep 201110:49 amRNSResult of Court Hearing
19th Sep 201111:35 amRNSForm 8 (DD) - Infrastructure India
16th Sep 20118:08 amRNSForm 8.5 (EPT/NON-RI)
15th Sep 20118:20 amRNSForm 8.5 (EPT/NON-RI)
15th Sep 20118:17 amRNSForm 8.5 (EPT/NON-RI)
14th Sep 201110:10 amRNSForm 8.3 - Infrastructure India
14th Sep 20119:58 amRNSForm 8 (DD) - Infrastructure India
14th Sep 20119:56 amRNSForm 8 (DD) - Infrastructure India
14th Sep 20118:30 amRNSForm 8.5 (EPT/NON-RI)
14th Sep 20118:27 amRNSForm 8.5 (EPT/NON-RI)
13th Sep 20111:30 pmRNSForm 8.3 - Infrastrusture India
12th Sep 20117:51 amRNSForm 8.5 (EPT/NON-RI)
9th Sep 20119:23 amRNSForm 8 (DD) - Infrastructure India
9th Sep 20118:09 amRNSForm 8.5 (EPT/NON-RI)
8th Sep 20119:40 amRNSForm 8 (DD) - Infrastructure India
8th Sep 20117:53 amRNSForm 8.5 (EPT/NON-RI)
7th Sep 201111:50 amRNSForm 8.5 (EPT/NON-RI)
7th Sep 201110:14 amRNSForm 8 (DD) - Infrastructure India
5th Sep 20115:35 pmRNSResult of IEL Meeting
1st Sep 20114:31 pmRNSAdditional Investment into Shree Maheshwar
1st Sep 201111:50 amRNSForm 8.5 (EPT/NON-RI)
1st Sep 201110:07 amRNSForm 8 (DD) - Infrastructure India
1st Sep 20118:26 amRNSForm 8.5 (EPT/NON-RI)

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