Financial Daily from THE HINDU group of publications
Saturday, Jun 12, 2004
Financial Daily from THE HINDU group of publications Saturday, Jun 12, 2004 |
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Corporate Results
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Watches & Accessories Titan clocks 80% rise in net; to pay Re 1 Our Bureau
Bangalore , June 11 TITAN Industries has said that its net profit for 2003-04 jumped 80.03 per cent to Rs 11.18 crore from Rs 6.21 crore a year back. The company also reported that its total income was up 18.84 per cent to Rs 960.61 crore from Rs 808.30 crore. The watches business reported sales of Rs 534.49 crore, up 18.84 per cent from Rs 453.89 crore. Jewellery accounted for Rs 425.68 crore of business, up 23.3 per cent from Rs 345.13 crore. The board has recommended a dividend of Re 1 per share. The company has made a provision of Rs 10 crore towards diminution in the value of its investment in and Rs 15 crore in respect of loans and advances to its European subsidiary. Titan said that its net profit for the fourth quarter was Rs 9.49 crore, marginally down from Rs 9.81 crore earlier, though total income grew to Rs 288.16 crore from Rs 267.80 crore. The company booked a VRS cost of Rs 9.60 crore for the last fiscal and its advertisement expenditure for 2003-04 was Rs 59.82 crore. Exports rose sharply from Rs 51.64 crore earlier to Rs 80.99 crore, an increase of 57 per cent.
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