Mercantile Ports & Logistics has swung to a FY pretax loss of £1.12m, from a profit of £138,000 a year prior. Revenue was nil. Finance income was down to £1.3m, from £2.4m previously.
"The company has experienced the sort of minor interruptions to activity that often impact projects such as this in India," said executive chairman Nikhil Gandhi.
"The cumulative effect of these minor and unforeseen interruptions is that management no longer expect the facility to be completed by the end of the year," he added.
"However, depending on the length of the monsoon and other factors beyond its control, management is confident that two berths will be operational and the facility will be generating revenue by the end of the year."
Gandhi added that directors believed that, once completed, the facility would be well aligned with the Government of India's recently announced 'Sagarmala' policy initiative, which sought to promote coastal and in-land waterways movement of cargo.
"The initiative is aimed at reducing the carbon foot-print and bringing down logistical costs in India so as to be more in line with those of developed nations.
"The macro opportunities in India remain as compelling as ever and the Directors believe that the Facility is perfectly positioned to benefit from these factors."
At 9:10am: (LON:MPL) Mercantile Ports Logistics Limited Ord Npv share price was -0.5p at 5.63p