Friday June 26, 12:20 PM
India's Tata Motors posts FY09 net loss of $520 mln
MUMBAI, June 26 (Reuters) - Tata Motors, India's top vehicle maker, reported on Friday its first annual loss in at least eight years, hit by slowing demand and losses at its Jaguar and Land Rover unit it bought in 2008.
The firm , which controls 60 percent of the world's fifth-biggest truck and bus market, reported consolidated net loss for the year ended March 2009 of 25.05 billion rupees ($520 million) versus net profit of 21.68 billion rupees a year ago.
Net sales rose to 703.70 billion rupees versus 354.09 billion rupees.
The numbers are not comparable as the year-ago numbers did not include that of Jaguar and Land Rover, as well as some some other assets the company bought and sold during the year.
A brutal global recession has crippled sales of cars, primarily the luxury and sports utility vehicles, sent two of America's three big carmakers into receivership and is set to plunge Toyota Motor Corp deeper into loss.
($1=48.2 rupees)
(Reporting by Narayanan Somasundaram; Editing by John Mair)
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