ZCZC
BCN-15
INDIA-BRITAIN-AUTO-EARNINGS-TATA-JLR
Tata Motors profits fall 47% amid Jaguar Land Rover China slowdown
MUMBAI, May 21, 2019 (BSS/AFP) – Indian carmaker Tata Motors on Monday
reported a 47 percent fall in quarterly profits after being hit by new
struggles to sell its luxury Jaguar Land Rover cars in China and other key
markets.
Only increased sales in Britain and the United States helped offset falls
in China, the company said.
Consolidated net profit for the three months ending March 31 was 11.17
billion rupees ($160 million), down from 21.25 billion rupees a year earlier,
said a company statement to stock exchanges.
“In JLR, we continue to face challenges in China which we are addressing
on priority,” Tata Motors chairman N. Chandrasekaran said.
“To weather the volatile external scenario, we are taking decisive steps
to step up competitiveness, reduce breakeven and improve cash flows whilst
continuing to invest in exciting products and leading-edge technologies,”
Chandrasekaran added.
Tata said revenues were also affected by a one-off charge of 16.40 billion
rupees it took last year due to accounting charges.
Shares in Tata Motors, part of the sprawling tea-to-steel conglomerate,
rose 7.53 percent on the Bombay Stock Exchange on Monday.
BSS/AFP/HR/1030