Titan’s revenues up 3.6% in Q1 2016

Titan Company recorded a rise in its revenues in the first quarter of 2016 ending June 30, reports say. The rise was of 3.6 percent on y-o-y basis, reaching $416.2 million.

The company has various business units including jewellery, eyewear, watches. Revenues from its jewellery unite surged 3.2 percent to $319.82 million, although sales were affected by the lower number of weddings and high gold prices.

The company increased its store footprint, adding 11 stores in its business and plans to expand all of its business units. Profit after tax decreased 16.3 percent to $18.95 million, as the company announced a voluntary retirement scheme (VRS) for its employees in the sale three months, reports say.