Forth Ports Plc, a Ports operator, reported a profit in fiscal 2009 ended December 31 after making a loss in previous fiscal. The company reported its annual results today. The company also said today that it has decided to meet the consortium that made a takeover offer in February.

Earlier in the month of February, Forth had rejected two bids by the same consortium for takeover of the company saying that those bids didn't value the company correctly.

Forth Ports reported a pretax profit of £36.3 million in FY 2009, while in the previous corresponding fiscal it posted a loss of £30.7 million. Total revenue was reported of £173.9 million in FY 2009, decreasing by 6.5% while it was reported of £185.9 million in FY 2008. The underlying operating profit in FY 2009 was reported of £40.5 million, decreasing by 8% while it was posted of £44 million in FY 2008.

The company said that it will meet the consortium consists of AEIF General Partner, Peel Ports Holdings and RREEF to talk over the takeover bid. The company had rejected two previous offers of the consortium called Northstream saying it values the company lesser. Now the company said that it agrees to meet the consortium only because they are the shareholders of the company.

Earlier on January 28, Northstream offered 1285 pence per share for Forth Ports Plc and later the consortium raised its offer to 1340 pence per share on February 11, 2010. However, the board of Forth Ports Plc rejected both the offers saying that the offer prices were well below the value of Forth Ports.