INDIA: Tata Motors net profit halves
Tata Motors on Friday said its fiscal year net profit dropped by more than half as the global slowdown cut demand for trucks and cars.
The company told AFP net profit to March 2009 tumbled to INR10bn (US$209m) from INR20.28bn a year earlier. Revenue fell 10% to INR256.6bn.
The company did not provide fourth quarter data.
Tata last year paid bought Jaguar and Land Rover for $2.3bn.
Tata cut capital expenditure plans to INR25-30bn ($530-$635m) for each of the next two years from INR40bn earlier, a senior company official told Reuters.