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The parent, which increased its stake to 83.5 per cent in the Indian arm two years ago by investing Rs 20 crore (Rs 200 million), is planning to turn Timex Watches India into a 100 per cent subsidiary, market sources said. When contacted, Timex India managing director Kapil Kapoor declined to comment.
Timex India posted a cash profit of Rs 74 lakh during the second quarter this year, signalling a turnaround. Net revenue grew by 26 per cent at Rs 18.9 crore ( Rs 189 million) during July to September 2004 over Rs 15.05 crore (Rs 150.5 million) during the year-ago period.
The company cut its Q2 net loss to Rs 10 lakh during 2004-05 over a net loss of Rs 4.40 crore (Rs 440 million) in July-September 2003.
As part of its capital restructuring strategy, Timex had reduced the paid-up value per equity share from Rs 10 to Rs 1 and paid up value of preference share capital from Rs 100 per share to Rs 10 per share.