Bob

I wasn't getting 4:3 I was getting 4:03:00 AM when entering 4.3. Check in Application Property Manager and make sure you have the correct Default Display Formats set correctly for the Field Type "Time". If you start getting what I was getting 04:03:00 AM you can try the following:
// Time element named TmElement
var vMinute as int
var vHour as string
var vNewTime as string
vNewTime = TmElement
if @len(vNewTime)>2 then
{
     vNewTime = @replace(vNewTime, ".", ":")
     VHour = @left(TmElement,@instr(TmElement,":")-1)
     vMinute = @mid(TmElement,@instr(TmElement,":")+1,2);
}
IF (vMinute)<6 then vMinute=vMinute*10
vNewTime = vHour + ":" + vMinute
TmElement = vNewTime

It was quick and doesn't address seconds but it works.