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Jaguar Land Rover woes drive Tata Motors to biggest quarterly loss

Reuters 

(Reuters) - Indian automaker Ltd posted its biggest quarterly loss on Thursday, hurt by an impairment charge for its British business

Troubles at the (JLR) unit, which has been hit hard by U.S.-trade tensions, low demand for diesel in and Brexit worries, had tipped into its first loss in three years in the quarter ended June 2018.

While has announced plans to turn around JLR, the slide in the unit's sales has continue for now.

The company took a non-cash charge of 278.38 billion rupees ($3.90 billion) to cover the impairment at in the three months to Dec. 31. Changes in market conditions, especially in China, and rising cost of debt resulted in the charge.

"...Overall performance continued to be impacted by challenging market conditions in We continue to work closely with Chinese retailers to respond to current market conditions with a 'Pull' based approach to vehicle sales," said https://in a statement on Thursday.

said last month it would cut 10 percent of its workforce, mostly in its home market, as Britain's biggest carmaker responded to lower Chinese demand and a slump in European diesel sales.

Tata Motors' loss came at 269.93 billion rupees ($3.78 billion) for the three months ended Dec. 31, compared with a profit of 11.99 billion rupees in the year-ago period.

rose 5.8 percent to 762.65 billion rupees.

Tata Motors has been facing a decline in sales in as well.

For an interactive graphic on sales of India's biggest automakers, click https://tmsnrt.rs/2Hr877P

(Reporting by Tanvi Mehta in Bengaluru; Editing by Himani Sarkar/Keith Weir)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 07 2019. 16:36 IST
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