Hindustan Motors

Kolkata, (IANS) : Hindustan Motors which used to manufacture iconic Ambassador car on Friday posted a net loss of Rs 10.36 crore in the first six months of the current fiscal as compared to Rs 11.25 crore in the same period last year.

The company had earlier declared suspension of work at its Uttarpara plant in West Bengal in May, 2014 due to “low productivity, growing indiscipline, shortage of funds and lack of demand of products”.

It also declared layoff at its Pithampur plant in Madhya Pradesh in December, 2014 due to “lack of orders”.

“The management is in the process of restructuring the operations including rationalizing the costs. The management believes that these measures may result in sustainable cash flows,” the company said in a filing to National Stock Exchange.

The accumulated losses of the company were at Rs 233.05 crore as against the share capital of Rs 104.41 crore by end of the 2015-16.