Two-wheeler maker LML has reduced its net loss by nearly one-fifth during the quarter ended June 30, 2003, following a 147 per cent surge in its net sales.

The company brought down its net loss to Rs 5.30 crore (Rs 53 million) during the April-June quarter from Rs 25.22 crore (Rs 252.2 million) a year ago.

The net sales soared to Rs 207.21 crore (Rs 2,072.1 million) year-on-year from Rs 83.86 crore (Rs 838.6 million), according to LML's unaudited financial results released on Monday.

The two-wheeler sales volume went up by 123.2 per cent to 67,912 units with motorcycles registering a 659.8 per cent rise to 55,295 units.

However, the sale of scooters slipped by 54.3 per cent to 9,680 units during the period.

The company also recorded a 50.8 per cent growth in exports to 2,937 units.

LML has been witnessing a steady rise in sales following the launch of its indigenously produced 110cc motorcycle Freedom.

The company said it would "readjust the product mix in the manufacturing and selling areas" during the lean second quarter of this fiscal.

It has also taken steps for "significantly expanding its distribution network coverage which is presently only 39 per cent of the motorcycle market."