Mercator has returned to profit in the third quarter thanks to a strong performance from its tankers.
The Indian owner reported an after-tax profit of INR 216m ($3.2m), overturning a loss of INR 3.15bn in the corresponding quarter of 2015.
Its revenue increased by 17% to INR 5.87bn with the company’s VLCCs deployed “at a substantially higher rate”.
Shalabh Mittal, chief executive of Mercator, said: “We have delivered a strong set of results which highlight our unique positioning in our key businesses.
“We are committed to improving our balance sheet by significantly reducing the debt and exploring growth opportunities.
“We remain confident in our business model and will continue to generate attractive returns to our shareholders.”
During the third quarter, Mercator completed the placement of 25m shares with the proceeds of $15m primarily used to repay debt.
