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Tata Motors slips to $54 mn loss in Dec Q

Tata Motors Ltd,India's top vehicle maker,missed forecasts with a 2.63 billion rupee ($54 million) loss.

Written by Reuters | Mumbai |
January 30, 2009 6:48:13 pm

Tata Motors Ltd,India’s top vehicle maker,missed forecasts with a 2.63 billion rupee ($54 million) loss for the December quarter,which it said included a foreign exchange loss of 2.27 billion.

Net sales dropped to 47.59 billion rupees from 72.52 billion.

A Reuters poll had estimated net profit of 761.6 million rupees on sales of 51.2 billion rupees.

The company had reported a 4.99 billion rupee quarterly profit a year earlier. Vehicle makers have been hit by high raw material costs and a credit squeeze that sapped demand.

Tata Motors,which controls about 60 percent of the world’s fifth-biggest truck and bus market,bought Ford Motor Co’s Jaguar and Land Rover brands for $2.3 billion last year.

Shares in Tata Motors,worth nearly $1.2 billion,fell 54 percent in the December quarter,more than double the drop on the benchmark index.

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