Timex Group Q1 net dips 70%

Watchmaker Timex Group India today posted 69.64% decline in its net profit for the quarter ended June 30, 2011 at Rs 1.53 crore.

In the same quarter last fiscal, the company's net profit stood at Rs 5.04 crore, it said in a filing to the Bombay Stock Exchange (BSE).

The company's net sales for the three months ended June 30, 2011 also declined 12.94% to Rs 43.10 crore, compared to Rs 49.51 crore in the corresponding period of last fiscal.

The firm's scrips closed at Rs 46, up 4.93% from the previous close on the BSE.