Hindustan Motors posts $3.6 mn lossOctober 21st, 2008 - 10:22 pm ICT by IANS
Mumbai, Oct 21 (IANS) Hindustan Motors Ltd, part of the CK Birla group, has posted a net loss of $3.6 million for the second quarter this fiscal, compared to $62,000 in the year-ago period. “Rising input costs, foreign exchange rates and paucity of retail finance have impacted the quarter’s performance,” a company statement said Tuesday.
The automobile industry in India experienced a slowdown in the past few months, and it grew 2.8 percent (year-on-year) in September after a two-month drop.
Hindustan Motors has Mitsubishi’s Lancer, Pajero, Cedia, Montero and the recently launched Outlander line-up of vehicles as part of a 10-year old joint venture agreement.
The company also churns out the iconic Ambassador car from its own stable.