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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India's Tata Motors reports Q3 net loss of 53 mln dlrs AFP - Saturday, January 31 MUMBAI (AFP) - - India's leading vehicle company Tata Motors, swung Friday to a standalone third-quarter net loss, hit by a sharp fall in demand. The company, which makes cars and trucks, reported a net loss of 2.63 billion rupees (53 million dollars) for the three months to December compared with a net profit of 4.99 billion rupees in the same period a year earlier. The earnings did not include data for British luxury icons Jaguar and Land Rover, which Tata Motors bought from ailing Ford Motor Co for 2.3 billion dollars in March last year. Tata Motors revenues slid 34.4 percent to 47.58 billion rupees for the quarter, a statement said. The company blamed the loss on low demand and lack of corporate finance. "In the quarter, the automotive sector suffered severe contraction in demand, arising from major financial and other market upheavals," a company statement said. "This exacerbated the lack of liquidity and unavailability of consumer finance," the company added. Tata Motors is expected to launch its Nano car, billed as the world's cheapest car, by the end of March. The company said that "pre-construction activity" had begun at Sanand in western Gujurat state for the Nano plant. Tata decided to set up the plant in Gujarat in October last year after violent protests by local farmers against seizure of land for a factory in the eastern state of West Bengal where it had originally planned to build the car plant. Tata Motors shares closed down 0.9 rupees, or 0.6 percent at 149.65 on the Mumbai stock exchange ahead of the release of the results. Tata Motors sold 98,760 vehicles in the quarter, 31.7 percent down from 144,608 vehicles in the same period last year. Analysts expect India's automobile sector to face near-term pressures with macro-economic growth expected to remain relatively poor. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Fitch Ratings Q1 sales fall 24% on financial crisisReuters - 2 hours 1 minute ago SNAPSHOT - Financial Crisis - 1850 GMTReuters - 2 hours 11 minutes ago Wall Street tumbles on economy, bank rescue fearReuters - 1 hour 48 minutes ago U.S. FDA staff backs Lilly, Daiichi anti-clot drugReuters - 2 hours 14 minutes ago US STOCKS SNAPSHOT-Wall St extends losses on news bad bank delayReuters - 2 hours 16 minutes ago Most Popular – Business Viewed US House approves massive economic stimulus bill Financial crisis bringing global economy to standstill: IMF Soldier suicides hit record in 2008: US Army Merkel and Brown call for global economy rules Boeing to cut 10,000 jobs after loss View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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