New Delhi, July 26: The state-owned HMT has managed to cut its net losses by 5 per cent in the first quarter this financial year to Rs 15.94 crore. The firm had posted a net loss of Rs 16.77 crore in the same period last year. Its total income, however, decreased from Rs 54.85 crore in Q1 of last financial year to Rs 40.9 crore in Q1 of 2003-04. Bureau Report