Automobile major Tata Engineering & Locomotive Company has reported a net loss for the eleventh time and for the fifth time in a row ever since it was made mandatory to announce the quarterly performance.
The company's sales have dropped in four consecutive quarters. Sales income for the first quarter ended June 2001, dipped 5.58 per cent to Rs 1,697 crore.
A drop in sales of commercial vehicles as well as utility vehicles and passenger cars dented the company's performance.
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As a result, sales are back to the levels reached two years back. In June 1999, the company had reported a sales revenue of Rs 1,592 crore.
Yet, the company managed to contain the net loss in the first quarter to Rs 98.90 crore when compared with its preceding three quarters.
In these three quarters, Tata Engineering has reported net losses in the range of Rs 121 crore to Rs 147 crore.
However, on an year-on-year basis, the company's net loss for the first quarter increased to Rs 98.90 crore as compared with Rs 74.30 crore in the same quarter of the previous year.
A higher other income of Rs 28.50 crore came in handy to contain the net loss during the quarter ended June 2001.