Financial Daily from THE HINDU group of publications
Wednesday, Jan 25, 2006
Financial Daily from THE HINDU group of publications Wednesday, Jan 25, 2006 |
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Corporate Results
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Watches & Accessories Titan Q3 net up 88 per cent Our Bureau
Bangalore , Jan. 24 TITAN Industries has posted an 88 per cent growth in net profit to Rs 10.78 crore during the third quarter of 2005-06 while sales grew 24 per cent to Rs 381.54 crore during the same period. The first nine months of the financial year saw 30 per cent growth in sales turnover to Rs 1,047.22 crore. The Time Products' division sales grew 24 per cent to Rs 485.70 crore during the same period while jewellery sales grew 36 per cent to Rs 562.82 crore. A press statement from the company said the company has made provisions of Rs 20.23 crore with respect to certain loans and advances to overseas subsidiaries/ associates. During the quarter, around Rs 16 crore more was earmarked for domestic brand building and advertising activities. The statement said while the high prices of gold have slightly dampened the demand for gold jewellery during the quarter, sales of diamond-studded jewellery have been encouraging. Retail sales of both watches and jewellery remain well ahead of sales in the same period last year, and the company is working on plans to further expand the retail chains for its various brands. The company's rights issue expected to open for subscription by March this year, will provide the funds required for the expansion of its retailing and manufacturing activities, the statement said.
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