Financial Daily from THE HINDU group of publications
Thursday, Jan 20, 2005
Financial Daily from THE HINDU group of publications Thursday, Jan 20, 2005 |
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Corporate Results
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HCV/LCV/Tractors HMT back in black Our Bureau
BANGALORE: HMT Ltd showed signs of recovery by posting a modest profit of Rs 3.02 crore on a net sales of Rs 45.54 crore during the third quarter ended December 31. This is the first time the company has earned profit in the last few years. The company, which has been under a restructuring mode, made a net loss of Rs 8.98 crore during the corresponding period for the year 2003, even though its sales was higher at Rs 50.24 crore. The financial restructuring, which included retiring high cost debts also helped HMT to turn to black. It managed to reduce the interest burden by more than 40 per cent to Rs 2.73 crore during the third quarter of the current fiscal as against Rs 5.18 core during October to December 2003. Besides, progressive effort to reduce the staff strength through VRS also brought down the staff cost to Rs 12.72 crore for the quarter as against Rs 12.94 crore during the third quarter of 2003.
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