HMT dips to loss in fourth quarter

New Delhi, June 23: Tractors-to-watch-maker HMT Ltd today said it has reported a net loss of Rs 16.35 crore for the quarter ended March 31, 2007 as compared to a net profit of Rs 23.66 crore a year ago.

Total Income plunged from Rs 111.6 crore in Q4FY06 to Rs 84.2 crore during Q4FY07, a statement said.

The company posted a 309 per cent rise in its net profit at Rs 54.30 crore during 2006-07 as compared to Rs 13.27 crore a year ago.

Total Income shrunk to Rs 250.87 crore from Rs 284.35 crore in the same period last year.

HMT was incorporated in 1953 by the Government of India as a Machine Tool manufacturing company. Over the years it diversified into watches, tractors, printing machinery, metal forming presses, die casting and plastic processing machinery, CNC systems and bearings.

HMT comprises six subsidiaries under the ambit of a holding company, which also manages the tractors business directly.

UNI