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HMT

HMT Ltd has recorded a loss of Rs 10.42 crore for the quarter ended June 30, 2001, compared to Rs 7.5 crore loss for the corresponding period last year.

The company's net turnover showed a marginal increase to Rs 70.08 crore (excludes other income of Rs 9.30 crore) compared to Rs 69.08 crore during the corresponding period in the previous year.

According to a company release, the unaudited results for the first quarter of the current fiscal reflects a huge increase in its interest payment at Rs 9.97 crore (Rs 1.78 crore).

Though the company had reduced its cost of staff considerably at Rs 11.55 (Rs 14.78 crore), the increase in interest payment has pulled down its efforts to remain profitable after the ailing unit showed a remarkable recovery during the financial year end ed March 31, 2001. It posted a net profit of Rs 24.41 crore during the fiscal 2001 against a huge loss of Rs 296 crore.91 crore during last year.

However, its profit during the last fiscal came largely from saving in its interest costs and the reduction in the staff cost as part of the restructuring package. Its turnover had, however, plummeted by more than 45 per cent to Rs 346.22 crore from Rs 7 52.38 crore during last year. The drastic reduction in the staff cost from Rs 306.67 crore in fiscal 2000 to Rs 70.32 crore during 2001. _ Our Bureau