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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 Singapore Asia Pacific World Search Search: India's Tata Motors says profits up 57.5 percent By ERIKA KINETZ,AP Business Writer AP - Tuesday, July 28 MUMBAI, India - India's Tata Motors said Monday its quarterly profit surged 57.5 percent as cost cutting, income from the sale of part of its stake in Tata Steel and lower raw material prices made up for slumping sales. ADVERTISEMENT Profits for the quarter that ended in June were 5.13 billion rupees ($106.7 million), up from 3.26 billion rupees ($67.7 million) the same quarter last year. India's largest commercial vehicle maker said revenues for the quarter fell 7.6 percent to 64 billion rupees ($1.33 billion) from 69.3 billion rupees ($1.44 billion). "The company's continued focus on cost efficiencies, coupled with reduction of raw material prices, inventory reduction and improvement in sales realization yielded considerable benefits," the company said in a statement. Stabilizing domestic sales helped make up for a continuing slump in exports, as the global economic crisis swept through its main export markets of South Africa, Turkey and Russia. Domestic sales for Tata slipped 1.4 percent, to 122,120 vehicles, beating an industry decline in India of 9.2 percent, chief financial officer C. Ramakrishnan told reporters Monday. Exports plunged 43 percent, to 5,220 vehicles. "Operating profit margins were slightly better than expectations," said Vaishali Jajoo, an analyst at Mumbai's Angel Broking. "That's mainly on account of a decline in raw material costs." Income from the sale of part of Tata's stake in sister company Tata Steel also boosted earnings, she said. Tata Motors reported 3.19 billion rupees ($66.3 million) in other income, most of it from the stake sale, the proceeds of which helped fund the $2.3 billion acquisition of the Jaguar and Land Rover brands from Ford Motor Co. last year. Tata has since spent an additional $1 billion to keep the two struggling brands afloat, executives said Monday. Monday's figures do not include results for Jaguar and Land Rover, which are scheduled to be reported next month. Executives again emphasized their commitment to controlling Tata Motors' burgeoning debt burden. Borrowings stood at 169.5 billion rupees ($3.52 billion) at the end of June, up from 124.1 billion rupees ($2.58 billion) at the end of March, mainly because of a bond issue used to finance Jaguar and Land Rover. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business Russia plans bankruptcy law reform - FTReuters - Monday, July 27 Japan's Nikkei index climbs above 10,000AP - Monday, July 27 GLOBAL MARKETS-World stocks hit 9-month peak; euro ralliesReuters - Tuesday, July 28 S.Korea to check bank loan, liquidity data -reportReuters - Monday, July 27 Hitachi to absorb 5 listed units - sourcesReuters - Monday, July 27 Most Popular – Business Viewed Ex-boxing champ Forrest shot in back and killed Lost love letter reunites couple after 16 years Rich countries corner supplies of swine flu vaccine Massive quake moves NZealand closer to Australia Harry Patch, last veteran of World War I trenches, dies at 111 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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