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Tata Motors posts loss after Tianjin disaster

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INDIA'S largest car maker Tata Motors reported a quarterly loss of $65.4 million on Friday (November 6) due to a massive one-off hit from the Tianjin gas explosion and weak Jaguar sales in China.
 
The firm, part of Tata's sprawling tea-to-steel conglomerate, said it had suffered a Rs24.93bn ($378.89 million) charge following the chemical blast in August that killed 161 people.
 
"The process for finalising an insurance claim may take some months to conclude," the Mumbai-based firm added in a statement.
 
Tata said 5,800 cars had been lost in the explosion as it reported a Rs4.3bn loss for the three months to September, compared to a profit of Rs32.9bn in the same period last year.
 
The earnings report also showed that a 32 per cent slump in sales of Tata's luxury British unit Jaguar Land Rover in China had contributed to the poor results.
 
"Weaker China sales and mix, foreign exchange revaluation and higher depreciation and amortisation expenses in the Jaguar Land Rover business," had been a factor, the statement said.
 
Revenue from JLR fell to £9.8bn ($14.85bn) from £10.2bn. 
 
Tata Motors is hugely reliant on revenues from JLR, which it bought for $2.3bn from Ford in 2008 at the height of the global financial crisis.
 

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