Timex Group India reports Q4 net loss of Rs 6 crore
Watchmaker Timex Group India reported a net loss of Rs 6 crore ($7,95,023) in the quarter ended March 2020, as against a net profit of Rs 5 crore during the previous quarter ended March 2019.
The company’s sales declined 12 percent to Rs 51 crore for the quarter under review, as compared to Rs 58 crore it reported in the corresponding period last year.
For the financial year 2019-20, Timex reported a net loss of Rs 2 crore, as against a net profit of Rs 7 crore last year, while its revenue rose 4 percent to Rs 252 crore, as against Rs 242 crore during the previous year ended March 2019.
“On account of nationwide lockdown imposed by the Government to contain Covid-19 global health pandemic in March 2020 and in compliance with the directives/orders issued by the relevant authorities, the operations of the company have been adversely impacted,” the company said in an investor presentation.
“The impact assessment of Covid-19 is a continuing process given the uncertainties associated with its nature and duration and actual results may differ materially from these estimates. The company will continue to monitor any material changes to future economic condition and any significant impact of these changes would be recognised in the financial statements as and when these material changes to economic condition arise,” it added.
Timex Group India Limited is a group company of Tanager Group B V.
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