Tata Motors slumps to second-quarter loss

Tata Motors reported a net loss of $65.4 million in July-September quarter

Tata Motors Ltd on Friday reported a 4.3 billion rupee ($65.4 million) net loss in the July to September quarter, hit by a one-time charge and slowing sales in China, once its fastest growing market.

Tata said it had booked a 24.93-billion-rupee charge after a chemical blast in the Chinese port of Tianjin in August destroyed or damaged thousands of vehicles made by its Jaguar Land Rover.

Analysts on average had expected Tata to report a net profit of 21.36 billion rupees for the quarter, according to Thomson Reuters data. Last year the company made 32.9 billion rupees in profit during the same period.

 

Tata said stronger performance in Europe and North America had helped to offset weaker sales in China and other emerging markets, and net sales during the second quarter rose to 608.53 billion rupees versus 601.64 billion rupees a year earlier.