The automaker recognised a loss of 245 million pounds for about 5,800 vehicles involved in the Tianjin Port explosion.
06 Nov 2015 | 3328 Views | By Shourya Harwani
An exceptional loss because of the recent blasts at Tianjin Port weighed on the UK-based luxury carmaker Jaguar Land Rover’s second quarter performance and resulted in a consolidated net loss of Rs 429.76 crore for parent Tata Motors in the quarter.
The automaker recognised a loss of 245 million ...
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An exceptional loss because of the recent blasts at Tianjin Port weighed on the UK-based luxury carmaker Jaguar Land Rover’s second quarter performance and resulted in a consolidated net loss of Rs 429.76 crore for parent Tata Motors in the quarter.
The automaker recognised a loss of 245 million pounds for about 5,800 vehicles involved in the Tianjin Port explosion. Post the exceptional charge, loss before and after tax stood at 157 million pounds and 92 million pounds, respectively (against profit before and after tax of 609 million pounds and 450 million pounds, respectively in the corresponding quarter last year).
“The process for finalizing an insurance claim may take some months to conclude, so insurance and other potential recoveries will only be recognised in the future period when paid or confirmed and have not been recognised in this period,” the company said.
The company reported a profit of Rs 3,290.86 crore in the year-ago quarter. Net sales for the quarter rose 1.67% from a year ago to Rs 61,973.82 crore.
“Strong sales in the UK, Europe and North America helped offset weaker sales in China and other emerging markets in the Jaguar Land Rover business” the company said in a statement.
On a stand-alone basis, its net loss reduced to Rs 287.47 crore from Rs 1,845.63 crore a year ago. Net sales rose 20.14% from a year ago to Rs 10,401.43 crore.