Tata Motors posted a full-year net income thanks to Jaguar and Land Rover
By Andrew C., 27 Aug, 2010. 0 Comments
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Tata Motors Ltd. posted a consolidated net income of 25.7 billion rupees ($543 million) in the year ended March, compared with a loss of 25.1 billion rupees the year before. Tata Motors, which owns Jaguar Land Rover and is India's largest truckmaker, posted a full- year net income after the UK luxury unit had a pretax profit and sales gain. Tata Motors income beat the 15.6 billion rupee average that Bloomberg got from 14 analyst estimates. As the global economy started to recover from recession, Jaguar Land Rover had a pre-tax profit of 32 million pounds ($46 million) the past year. Jaguar Land Rover lowered expenses by terminating 2,200 workers and it was able to raise sales by launching new models. The changes in the past year for the carmaker include Chairman Ratan Tata's hiring of Carl-Peter Forster, the former head of General Motor Co.'s European unit, as its chief executive officer. Ralf Speth then took over as the CEO of Jaguar Land Rover.
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