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Timex posts 36 % growth in profit

NEW DELHI: Timex Group India reported a profit of Rs. 7.45 crore during 2008-09 against Rs. 5.45 crore in 2007-08, recording a growth of 36 per cent.

Revenue from watch business grew by about 9 per cent. However, total revenue of the company remains flat at Rs. 131.65 crore against Rs. 131.85 crore due to loss of revenue on account of sale of precision engineering business to another group company during the year, according to an official statement.

Gopalratnam Kannan, Managing Director, said: “We are proud to announce a profit of Rs. 7.45 crore in these times of recession when the industry has been hugely impacted. It is to the credit of the company that tough times notwithstanding we have bettered our performance and recorded a growth of 36 per cent”.

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