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Tuesday, July 31, 2001

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Titan Industries loss at Rs 14.61 crore


BANGALORE: Titan Industries Ltd has registered a loss of Rs 14.61 crore in the first quarter. The company had made an operating loss of Rs 9.51 crore in the first quarter of the previous year before providing for the extraordinary profit of Rs 9.66 crore from sale of shares.

Sales income declined by 11 per cent from Rs 113.96 crore to Rs 102.27 crore, largely due to economic slowdown in the country. Despite achieving an increase in market share, watch sales declined due to trade downstocking and reduced consumer spending.

However, jewellery sales continued to show growth, increasing to Rs 36.16 crore from Rs 33.51 crore in the previous year. Exports of watches and jewellery declined marginally from Rs 9.55 crore in the previous year to Rs 8.49 crore.

A company press release said ``the operating expenses were kept in check including advertising expenditure, which was cut by 35 per cent.'' -- Our Bureau

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