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Tata Motors has loss as Jaguar, Land Rover sales fall
Tata Motors has loss as Jaguar, Land Rover sales fall
Posted Tuesday, Sep 1, 2009, 1:32 pm in Employee News
Tata Motors Ltd., the Indian truckmaker that owns Jaguar Land Rover, posted a consolidated first-quarter loss after sales at the luxury unit plunged amid the global recession, Bloomberg reported.
The net loss was 3.29 billion rupees ($67 million) in the quarter ended in June, compared with net income of 7.2 billion rupees a year ago, the company said in a statement in Mumbai today. Year-ago numbers don’t include Jaguar and Land Rover, which Tata bought from Ford Motor Co. in June last year, Bloomberg said. Sales rose 13 percent to 162.9 billion rupees, Tata said.
Jaguar Land Rover had a loss before interest, tax and exceptional items of 8.73 billion rupees in the quarter after vehicle sales plunged in the United States and Europe, the news service said. Chairman Ratan Tata has hired two consultants to help cut costs at the U.K.-based unit after the global financial meltdown slammed demand for luxury products, the story said. (Bloomberg)
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
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