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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: India's Tata Motors posts full-year loss AFP - Saturday, June 27 MUMBAI (AFP) - - India's top vehicle maker Tata Motors on Friday posted an annual loss, blaming the slump on a fall in sales of its British luxury marque Land Rover as the global downturn sapped demand. ADVERTISEMENT The company said in a statement it made a loss of 25 billion rupees (520 million dollars) after tax in the financial year to the end of March, compared with a net profit of 21.7 billion rupees in 2007-08. The loss is Tata Motors' first since 2001. Total income across the company, which is part of the Tata Group conglomerate, was 709 billion rupees. Out of that, Jaguar and Land Rover accounted for 392 billion rupees. Tata Motors, which last year paid 2.3 billion dollars to buy Jaguar and Land Rover, in May posted standalone net profits for 2008-09 of 10 billion rupees, down more than 50 percent from the previous year. The company said sales across the group were hit by the global economic downturn, which saw demand and vehicle financing dry up. "In 2008 therefore, Land Rover sales fell considerably. However, Jaguar was able to maintain the sales level primarily on the back of a very strong consumer response to the newly-launched XF sedan," it added, without giving specifics. In terms of the loss, the statement said that "The company has actively responded to this changed situation by taking a number of urgent and long-term measures. "These include cutting costs drastically and working on a plan of substantial cost reduction, aligning production with demand and tight control over cash flows," it said. The company launched the world's cheapest car, the Nano, at just 100,000 rupees earlier this year. Jaguar and Land Rover vehicles are expected to be sold on the Indian market from next week. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Asia Pacific Amnesty calls for monarchy insult trial to be openAP - Saturday, June 27 India's Tata Motors posts full-year lossAFP - Saturday, June 27 Opposition welcomes UN envoy's arrival in MyanmarAP - Saturday, June 27 UN troubleshooter in Myanmar to discuss Ban visitAFP - Saturday, June 27 Japanese police up reward in slain Briton's caseAP - Saturday, June 27 Enlarge Photo India's Tata Motors posts full-year loss Most Popular – Asia Pacific Viewed Pop icon Michael Jackson dead: TMZ.com website Botox helps Australian stroke victim to walk again Farrah Fawcett dead at 62: Ryan O'Neal Sarah Jessica Parker welcomes surrogate twins Egyptian tycoon to hang for Lebanese diva murder View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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