HMT Q3 net loss triples to Rs 70 cr

HMT Ltd today reported widening of its net loss to Rs 70.41 crore for the third quarter ended December 31, as against Rs 23.88 crore in the year-ago period.
Its net income from operations stood at Rs 4.03 crore, compared to Rs 10.91 crore in the October-December quarter of last fiscal.
The Bengaluru-based firm manufactures tractors and food processing machinery.
Its total expenses stood at Rs 41.92 crore from Rs 35.58 crore during the year-ago period.
During the quarter under review, the company incurred expenditure of over Rs 60 crore towards voluntary retirement scheme at its Pinjore unit.
HMT Pinjore consists of a tractor plant and a machine tool unit.

Last January, the government had decided to close three unviable units of HMT including the once popular HMT Watches, along with HMT Chinar Watches and HMT Bearings, by offering an "attractive" VRS to the employees as per 2007 pay scales.
The company's scrip closed at Rs 42.30, up 0.71 per cent from the previous close on BSE.