The Hindu Business Line : Timex turns around, posts full-year profit

TIMEX Watches Ltd said on Tuesday that it has completed a turnaround, by posting a net profit of Rs 72 lakh for the year ended March 31, 2005, against a net loss of Rs 16.05 crore in the previous fiscal. Sales grew 21 per cent during 2004-05 to Rs 82.86 crore.

The company also declared Rs 2.63 crore net profit for the fourth quarter ended March 31, 2005, against a net loss of Rs 4.4 crore in the same quarter of the previous fiscal, even when sales grew by a mere 3.56 per cent to Rs 17.72 crore.

The Managing Director, Mr Kapil Kapoor, said, "In line with our commitment to our shareholders, we are delighted to announce a successful turnaround in the financial performance of the company.

"Now that the business model has been restructured, we are well poised for a profitable growth phase wherein we will integrate our domestic product line more effectively with our international repertoire and further leverage our unique advantage in the Indian market of being the only international watch company with local manufacturing facilities."

Timex India is a subsidiary of the Netherlands-based Timex Watches BV.

The company is currently examining the possibility of bringing its other international brands such as Timberland, Nautica, Opex and the recently acquired Versace into the Indian market.

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