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Hind Motors posts Rs 2.68-crore net

Our Bureau

NEW DELHI, Oct. 22

HINDUSTAN Motors Ltd (HM) on Monday said it has made a net profit of Rs 2.68 crore in the July-September quarter compared to a net loss of Rs 24.13 crore in the same quarter last fiscal.

Net loss for the half-year ended September 30, 2001 was Rs 23.09 crore, sharply down compared with Rs 60.37-crore loss made in April-September 2000-01.

Sales for the July-September quarter at Rs 257.98 crore were lower by over 30 per cent compared to Rs 369.12 crore made in the previous year period. In the half-year, HM's sales stood at Rs 474.20 crore (Rs 637.76 crore), down 25.65 per cent.

An HM spokesperson said the figures cannot be compared as last year's figures reflected income generated from the sale of the earth moving equipment to Caterpillar.

Meanwhile, HM today announced the launch of `Clean Car' programme in New Delhi, which would deal in purchase and sale of used Lancer cars. HM makes Lancer in technical collaboration with Mitsubishi Motor Corp of Japan.

Speaking at a press conference to launch Clean Car programme, Mr S. Vasudevan, General Manager (Sales and Service), said the company is currently testing the Mitsubishi Pajero for launch.

``Other than the Pajero, for the next four 12 months, we have no plans to launch a new model,'' he said. Mitsubishi was earlier considering the launch of the Gallant in India.

HM sold 3,086 Lancers in the first half of the current financial year, a drop of about 20 per cent. HM is aiming to sell 7,500 units of the Lancer this financial year.

Mr Vasudevan said the company ``at this point in time'' does not have any plan for introducing a similar used car scheme for the Ambassador car.