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Tata Motors posts $756m loss

28 Jun

MUMBAI – TATA Motors, India’s top vehicle maker, reported on Friday its first annual loss in at least eight years, hit by slowing demand and losses at its Jaguar and Land Rover unit it bought in 2008. The firm, which controls 60 per cent of the world’s fifth-biggest truck and bus market, reported consolidated net loss for the year ended March 2009 of 25.05 billion rupees (S$756.2 million) versus net profit of 21.68 billion rupees a year ago. Net sales rose to 703.70 billion rupees versus 354.09 billion rupees. The numbers are not comparable as the year-ago numbers did not include that of Jaguar and Land Rover, as well as some some other assets the company bought and sold during the year. A brutal global recession has crippled sales of cars, primarily the luxury and sports utility vehicles, sent two of America’s three big carmakers into receivership and is set to plunge Toyota Motor Corp deeper into loss. — THOMSON REUTERS

Source:http://www.straitstimes.com/

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Posted by on June 28, 2009 in Business

 

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