Tata Daewoo posts higher profits, turnover

Chennai, July 3

Tata Daewoo Commercial Vehicle Co Ltd, Korea, a fully-owned subsidiary of Tata Motors, sold more vehicles in 2007-08, resulting in higher turnover and net profit for the year over the previous year.

The company also increased its market share in both the heavy and medium commercial vehicle segment during the year, according to the 2007-08 annual report of Tata Motors.

The annual report says that Tata Motors’ subsidiaries have significantly improved their financial performance during 2007-08. Tata Motors acquired Daewoo Commercial Vehicle Company in March 2004 for Rs 495 crore.

According to the annual report, Tata Daewoo Commercial Vehicle Co (TDCV) increased sales by 38 per cent to 11,899 units in 2007-08, against 8,588 units sold in the previous year. Consequently, the company increased its market share to 32.3 per cent from 24.3 per cent in the heavy commercial vehicle segment and to 34.8 per cent from 28.2 per cent in the medium commercial vehicle segment.

TDCV exported 3,000 units of HCVs (2,715 in the previous year) and continued to be the largest exporter from Korea in this segment. The company posted a net profit of Rs 153.11 crore on a turnover of Rs 2,865.02 crore for the year, against Rs 97.46 crore on a turnover of Rs 2,248.81 crore in the previous year.

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