The Hindu Business Line : HMT annual profit at Rs 6.21 cr

BANGALORE: Reflecting its gradual recovery from its poor performance till last year, the public sector engineering and watches conglomerate HMT has recorded a profit of Rs 6.21 crore during the financial year ended March 2005.

The company, which restructured its business and finances two years ago, has been steadily improving its performance with a profit of Rs 11 lakh during the third quarter of the last fiscal. It has recorded a net loss of Rs 7.19 crore during fiscal 2004.

Releasing the provisional figures for fiscal 2005, the company attributed its recovery to growth in its tractor and machine tools business, which saw an increase of 31 and 21 per cent, respectively during 2004-05.

It also received ample support from its traditional clients sectors of auto and auto ancillary to which it supplies its machine tools.

During the year, HMIT (International) recorded a turnover of Rs 28 crore. It also bagged an export order worth Rs 13 crore for the setting up of a common facility tool room centre at Kabul and has commissioned major business from Tajakstan. It is currently implementing a machine tool project in Nigeria.

HMT's tractor business got a boost from the agreement signed with TVL of the UK for the manufacture of tractors, Tranton with unique features. The company also plans to enter the auto sector with a proposal to manufacture a multi-purpose vehicle for the rural market.

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