HMT net at Rs 11 lakh

HMT crept back into the black with a Rs 11 lakh net profit for the quarter-ended September 2004. This stood against a net loss of Rs 10.5 crore registered during the corresponding period last year.

During the same period, net sales moved up 510 per cent to Rs 44.22 crore from Rs 7.25 crore. Other operational income has increased from Rs 2.08 crore to Rs 14.12 Crore during the period.

For the half year-ended September 30 HMT's net loss fell to Rs 15.4 crore against a net loss of Rs 27.88 crore reported during the same period last year.

Sales during the period grew 117 per cent to Rs 87.09 crore from Rs 39.99 crore.

HMT and its subsidiaries have formulated plans to address the market requirements through tie ups and local developments.

The company is also swapping high cost debts in a bid to revive its bottomline.

Further, to increase its tractor division sales, it has tied up with banks and financial institutions to provide credit for farmers.