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Mercantile Ports & Logistics booked a first-half loss as it continued to develop a port and logistics facility in Maharashtra, India.
Net losses for the six months through June amounted to £2.01m, compared to losses of £1.70m on-year.
'I am delighted to report on a period of progress, following the inauguration of Karanja port and the generation of first revenue from cargo movements,' executive chairman Nikhil Gandhi said.
'The strategic importance of Karanja port has been demonstrated by the multi-year contract with Tata and Daewoo and we continue to see interest from numerous other parties to use our facility.'
'Currently, we are negotiating with, or in diligence and contracting phase with, at least two other major corporations to start using our facility during the course of 2019 and we have built a growing pipeline of potential customers.'
'We look forward to contracting with more of the largest and most prestigious companies operating in the sub continent and delivering growth for our shareholders.'
At 9:46am: (LON:MPL) Mercantile Ports Logistics Limited Ord Npv share price was +0.05p at 1.58p