Financial Daily from THE HINDU group of publications
Friday, Jan 30, 2004
Financial Daily from THE HINDU group of publications Friday, Jan 30, 2004 |
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Corporate Results
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Watches & Accessories Titan Q3 net down 34 pc Our Bureau
Bangalore , Jan. 29 TITAN Industries Ltd's net profit for the quarter-ended December 31, 2003 fell by 34.6 per cent, while its revenues grew by 32 per cent over the corresponding period last year. The company reported a net profit of Rs 2.98 crore on sales revenue of Rs 301.74 crore for the third quarter compared to a net profit of Rs 4.56 crore on revenue of Rs 228.96 in the corresponding quarter last year. Exports for the first nine months registered a 48 per cent rise to $11.21 million as against $7.55 million. However, the export business of the watch division was impacted by higher sales and marketing costs of Rs 4.94 crore and exchange loss of Rs 1 crore, said a company press release. Sales of time products division grew by 14 per cent to Rs 350.34 crore while that of jewellery division 35 per cent to Rs 321.72 crore. The growth in jewellery division could have been higher, but was impacted by one-time restructuring initiative. However, the outlook for the remaining months remains optimistic, the release said.
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