Titan climbs success graph with 31% profits in 05/06

Titan Industries - Watch and jewelry manufacturer reported a 30% increase in sales to $322.4 million during its fiscal year 2005-2006, according to figures released by the company on June 6, 2006. Profit after taxes nearly tripled to $16 million. The company�s jewelry sales, sold under the brand Tanishq, rose 48 % to $172.2 million while the watch segment climbed 15% to a sales income of $142.6 million.

During the company�s fourth quarter ending March 31, 2006, sales grew 31% to $94.4 million and profit jumped 153% to $8.1 million. �While the jewelry division has overtaken the watch segment in terms of sales turnover, the time products division continues to be the main contributor to the profits of the company,� said the company in its release.

Titan added that both Titan and Tanishq grew at faster rates than in the previous year, and the initiatives with a focus on youth through Fastrack as well as on the mass market with Sonata have been successful. The company�s brand building and advertising spending reached $22 million in 2005-06, an increase of 31%.