The Hindu Business Line : HMT Watches prunes losses, turnover up 51 pc

HMT Watches reduced its losses by more than 50 per cent to Rs 74.71 crore during the fiscal 2005-06 against Rs 134.52 crore in the previous year, according to provisional figures released by the company. The ailing subsidiary of the public sector HMT Group recorded a 51 per cent growth in its turnover at Rs 29.22 crore.

HMT Watches had entered into a strategic alliance with Godrej Boyce as the national distributor in January. The company hoped to further improve its sales and the result of the tie-up is expected to be reflected from the first quarter of the current fiscal.

HMT Group

Meanwhile, HMT Group continued with its improved performance to regain its hold over the market. It recorded a nine per cent growth in its overall turnover at Rs 541 crore (Rs 528 crore), thanks to its better off subsidiaries such as HMT International and HMT Ltd (Tractors) making significant contributions. HMT Ltd, with its tractors production recording a 26 per cent rise, chipped in with Rs 243 crore during fiscal 2005-06. The Unit also earned a profit of Rs 12.74 crore.HMT International continued to improve its performance by recording more than three-fold increase in its profit to Rs 23 lakh (Rs 7 lakh).

HMT Machine Tools with its Rs 224 crore turnover managed to reduce the accumulated losses to Rs 13.59 crore (Rs 73.8 crore).

HMT scrip traded at Rs 79.50 on the BSE today, losing 0.81 per cent from its previous close of Rs 80.15.

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HMT Watches prunes losses, turnover up 51 pc