By IANS,
Mumbai : Leading vehicle maker Tata Motors has posted a huge loss of Rs.2,505.25 crore ($520 million) in 2008-09 as against a profit of Rs.2,167.7 crore recorded the year before, thanks to the global slowdown and losses made by its British unit.
Its turnover, however, almost doubled to Rs.70,938.85 crore last year from Rs.35,660.07 crore in 2007-08, the company said in a statement.
Tata Motors, the country’s third largest passenger car maker and the largest player in the commercial vehicle segment, sold 498,581 units in 2008-09, 14.4 percent down from 582,390 units sold in 2007-08.
The company, which purchased iconic British car brands Jaguar and Land Rover (JLR) from Ford Motors last year receives almost a third of its revenues from the JLR unit.
Last year saw the revenues declining and the JLR posted a loss of $383 million in the first six months of the calendar year 2008.
Tata Motors was also involved in a land row in West Bengal’s Singur for its upcoming small car Nano, which has delayed the project by over six months. Tatas wound up the Singur plant and set up another near Ahmedabad in Gujarat.