Hindustan Motors (HM) has recorded a better show in the second quarter of the current year by reducing its net loss to Rs 8.21 crore compared with the previous corresponding period's loss of Rs 24.08 crore.
The reduction in net loss was possible because of a 32 per cent drop in expenditure at Rs 244.04 crore in the second quarter (Rs 360.54 crore). Total sales, during the period, went down to Rs 257.96 crore from Rs 369.12 crore earlier.
Meanwhile, the employees union of the company has alleged that the management did not sanction customary bonus this year. In a press release, the CITU-affiliated Hindustan Motors & Hyderabad Industries Workers' Union said, "the workers are deprived of customary bonus which they have been drawing for the last 20 years."
In the first half of the current year, the company incurred a net loss of Rs 33.98 crore over a sales of Rs 474.20 crore. The loss was Rs 60.32 crore in the first half of the previous year over a sales of Rs 637.76 crore. In the financial year 2000-01, the company's net loss stood at Rs 18.88 crore over a sales of Rs 1,388.89 crore.
