Coming out of the red after virtually wiping out Rs 124 crore (Rs 1.24 billion) accumulated losses, leading watchmaker Timex is investing Rs 6.75 crore (Rs 67.5 million) as it expects to earn profits this year.
"We had wiped out 90 per cent of our accumulated loss about six months back. We should post net profits this fiscal," Timex Watches regional director (South Pacific) Kapil Kapoor told PTI on Tuesday.
The company is also in the process of injecting about Rs 6.75 crore at its recently established facility in Himachal Pradesh.
Netherlands-based Timex Watches BV has 83 per cent stake in Timex Watches while the rest is with the public.
Asked about last financials of 2003-04, he said, "I cannot talk about last year's bottomline as results for 2003-04 are yet to come".
Timex aims to post 7-8 per cent sales growth this fiscal over 1.25 million watches sold last year.
The company would increasingly focus on premium brands rather than just concentrating on the number of units sold, Kapoor said.
At present, the newly set-up Himachal Pradesh plant of the company has assembly and manufacturing capacity of 6.2 million units annually which would go to 3,50,000 units as Timex is still continuing to invest Rs 6.75 crore.