Watchmaker Timex Group has reported a net profit of Rs 2.43 crore for the first quarter of this financial year.
The company had a net profit of Rs 3.22 crore during the same period last year, Timex Group India Ltd said in a filing to the Bombay Stock Exchange (BSE).
It reported net sales of Rs 34.21 Corey during the quarter ended June 30, 2009.
Timex Group had net sales of Rs 33.62 crore during the corresponding period of 2008-09.
The figures for the quarter ended June 30, 2009, are not comparable with those for the corresponding previous quarter as the company had sold its precision engineering business last year, the filing said.
"The significant profits posted during this quarter are in spite of the global downturn. Additionally, the launch of several high-end products in India has strengthened our faith in India as one of our key markets," Timex Group India Chairman Hans-Kristian Hoejsgaard said.
