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HMT back in black on higher sales, revamp

Our Bureau

Bangalore , Nov. 5

HMT Ltd showed signs of recovery due to an overall improvement in its sales performance and the financial restructuring in the last one year.

The company with a buoyant tractor demand in the country reported profit before tax of Rs 11 lakh during the quarter ended September 2004 as against a net loss of Rs 10.5 crore for the corresponding period last year.

HMT posted a sales turnover of Rs 44.2 crore during the second quarter of the current fiscal. It posted higher earnings on account of demand for its 40 hp tractors and also hiked prices to cover input costs. Sales increased by about 20 per cent during the quarter. The companycontained its net loss during the first half of the current fiscal at Rs 15.40 crore (Rs 27.88 crore).Mr M.S. Zahed, Chairman and Managing Director, said the restructuring exercise undertaken in the last one year, has borne results with the year-on-year sales up to October improving by 52 per cent (tractors) and 17 per cent (machine tools).

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