Timex reduces net loss 37 per cent in Q1

New Delhi, Aug 3 (IANS) Watch and jewellery maker Timex Group on Wednesday reported a standalone net loss of Rs 2.99 crore for the first (April-June) quarter of fiscal 2016-17, which is 37 per cent less than Rs 4.74 crore it posted in the like period year ago.

In a regulatory filing to the stock exchange BSE, the city-based company said standalone total income, however, increased 16.3 per cent to Rs 44.22 crore for the quarter under review (Q1) from Rs 38.01 crore in same period year ago.

Sequentially, net loss zoomed 160 per cent from standalone net loss of Rs 1.15 crore posted in the previous quarter (January-March) of fiscal 2015-16, while total income grew marginally 2.8 per cent from Rs 43.4 crore.

“With Rs 81.13-crore accumulated loss, the company’s net worth has eroded,” the filing noted.

–IANS

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