Tata Motors reports Rs2,505 core consolidated loss in FY09; sees more job losses at JLR
26 Jun 2009
Tata Motors is expected to consider more job cuts and plant shutdowns at its Jaguar and Land Rover unit in the UK after the company posted a consolidated net loss of Rs2,505 crore ($520 million or 315.076 million pounds).
Tata Motors reported a consolidated net loss of Rs2,505 crore for the year ended March 2009 against a net profit of Rs2,168 crore a year ago.
Consolidated gross revenue of the company stood at Rs74,151.21 crore in 2008-09. This, however, is not comparable with the 2007-08 figures on account of the acquisition of Jaguar Land Rover in June 2008. (In 2007-08, the consolidated gross revenue was Rs40,340.79 crore.)
The Jaguar and Land Rover unit reported a Rs1,907.65 crore ($463 million or 281 million pounds) loss before tax in the 10 months of fiscal 2008-09 that they were on the books of Tata Motors, C Ramakrishnan, the company's chief financial officer, said.
"There has already been 2,000 job losses. We may be looking at more job losses, more plant shutdowns," vice chairman Ravi Kant added.
Earnings per share (EPS) stood at Rs(-)56.88 against Rs56.24 per share in 2007-08.
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