HMT records 18 pc growth

Bangalore, Apr 4 (UNI) The ailing public sector unit HMT today announced an 18 per cent growth in its production at Rs 528 crore for 2005-06, with the sales at Rs 541 crore registering a nine per cent increase.

The total revenue of the company, including non-operational revenue, stood at Rs 780 crore for the year, the company said in a release here.

The company said HMT Tractors division grew by 26 per cent in production and sales and earned a net profit of Rs 12.74 crore during the year, while the Machine Tool subsidiary recorded a production level of Rs 224 crore, ten per cent over the previous year. The Machine tool subsidiary cut down its losses to Rs 13.59 crore as against Rs 73.80 crore in 2004-05.

HMT Watches achieved a 51 per cent growth in production at Rs 29.22 crore. The losses had been reduced to Rs 74.71 crore from Rs 134.53 crore the previous year.

HMT (International) continued to post profit and achieved a profit of Rs 23 lakhs as against Rs seven lakhs recorded during the previous year, the release said.

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