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BANGALORE: TTK Prestige, leader in kitchen appliances, has reported a modest profit after tax of Rs 52 lakh for the quarter ended June 30, 2005 as against a net loss of Rs 1.16 crore for the corresponding period last year.

The turnaround during the quarter has been attributed to better margins due to reduction in overhead costs in materials and supply chain management. The company's revenue increased by 22 per cent year-on-year for the quarter at Rs 45.36 crore (Rs 37.48) from increased sales following introduction of value added products in its kitchen appliances range.

Though its profit before tax was Rs 1.02 crore, higher outgo towards taxes both current and deferred along with fringe benefit tax, amounting together to Rs 50 lakh, pulled down its net profit. The company also incurred partial expenditure of Rs 3 lakh during the current quarter towards the voluntary retirement scheme settlement. Reduction in interest outgo from Rs 1.45 crore this quarter as against Rs 1.70 crore for the same period during 2004 helped Prestige improved its overall financial health, said a company spokesman.

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