HMT reduces net loss for 2015-16

State-run HMT Ltd on Tuesday reported consolidated net loss of Rs 323 crore in 2015-16 as against net loss of Rs 557 crore in 2014-15, a 42 per cent reduction.

"Total income from operations (net), however, marginally increased 2.9 per cent to Rs 285 crore for the fiscal under review from Rs 277 crore in FY 2015," said the city-based ailing public sector enterprise in a regulatory filing to the BSE.

The beleaguered company's total expenses at Rs 548 crore for the fiscal was lower than Rs.588 crore it incurred in FY 2015.

The company's scrip of Rs 10 per share traded flat on the BSE and ended at Rs 38.45, a marginal decline of over its previous closure price of Rs 38.60 on Friday last week.

Once a time-keeper of the nation, HMT makes more tractors and other products than wrist watches after the entry of private players like Titan and opening up of the market to foreign brands.

The Cabinet Committee on Economic Affairs (CCEA) on January 6 approved the closure of the company's three loss-making subsidiaries, including two watch units at Tumakuru in Karnataka and at Ranibagh in Uttarkhand and bearings unit in Hyderabad.

--IANS

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