SKIL Ports & Logistics' shares fall on reduced FY profit

SKIL Ports & Logistics' shares are down more than 10% as its full year pre-tax profit docked in at £138,000, well down from the prior-same-period's £729,000 profit.

Revenue was nil, and the company booked an operating loss of £2.2m, from a loss of £1.9m, both of which were more than offset by finance income of £2.4m, from £2.7m.

SKIL, which is developing a modern port and logistics facility at Mumbai, described the results as revealing good progress.

"I have no doubt that we will meet future challenges and be an integral part of the growth of this remarkable region through the development of the Karanja facility," said executive chairman Nikhil Gandhi.

At 11:48 BST, SKIL's shares were down 10.09% to 49p.