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Global crisis puts brakes on Tata Motors
Source: Agencies |
June 27, 2009, Saturday
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Print Edition
INDIA'S Tata Motors said yesterday that it suffered a loss of 25.05 billion rupees (US$521.8 million) after taxes in the past fiscal year as the global meltdown exacted its toll on the auto industry.
The loss came after a year in which the company recorded a profit of 21.67 billion rupees after taxes, according to the company.
Tata Motors reported a consolidated gross revenue of 741.51 billion rupees in 2008-2009. India's financial year runs from April 1 to March 31.
"The consolidated financial performance of the company is not comparable to 2007-08 on account of the acquisition of Jaguar Land Rover in June 2008," it said.
The company said Jaguar Land Rover made a profit in 2007 and continued to do so in the first half of 2008.
But as the global meltdown caused vehicle financing and demand to dry up, Land Rover sales "fell considerably," the statement said.
Jaguar, however, fared better with the launch of its XF sedan.
In May, the company said it had spent 78.1 billion rupees to fund the acquisition from the Ford Motor Co.
The loss came after a year in which the company recorded a profit of 21.67 billion rupees after taxes, according to the company.
Tata Motors reported a consolidated gross revenue of 741.51 billion rupees in 2008-2009. India's financial year runs from April 1 to March 31.
"The consolidated financial performance of the company is not comparable to 2007-08 on account of the acquisition of Jaguar Land Rover in June 2008," it said.
The company said Jaguar Land Rover made a profit in 2007 and continued to do so in the first half of 2008.
But as the global meltdown caused vehicle financing and demand to dry up, Land Rover sales "fell considerably," the statement said.
Jaguar, however, fared better with the launch of its XF sedan.
In May, the company said it had spent 78.1 billion rupees to fund the acquisition from the Ford Motor Co.
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