Luxury carmaker DaimlerChrysler said on Friday that it would wipe out its accumulated loss of Rs 280 crore (Rs 2.8 billion) in the next 3-5 years while profits would remain almost flat at Rs 34 crore (Rs 340 million) this year on a sales turnover of Rs 500 crore (Rs 5 billion).
The company targets to post at least 20 per cent sales growth over 1,581 units last year, its head (corporate affairs and finance) Suhas Kadlaskar told reporters on the sidelines of a news conference.
"We are also conducting a feasibility study to launch jeep models, buses and trucks. We will take a call on this by December this year," he said.
The company reported a 12.8 per cent dip in profits at Rs 34 crore (Rs 340 million) in 2003 over Rs 39 crore (Rs 390 million) during 2002, which was attributed to the rise in euro.
Asked why profits would almost be the same even as sales were projected to grow, Kadlaskar said, "That is primarily because of hardening euro. Though last year was bad, it is improving now".
"We have brought the jeep models to India. Dealers have liked it. Once the feasibility study for the model and
Actros buses are out, we will take a decision on both," he said.
DaimlerChrysler India, which posted a profit of Rs 29 crore (Rs 290 million) in 2001, Rs 39 crore (Rs 390 million) in 2002 and Rs 34 crore (Rs 340 million) in 2003, has come out of the purview of the Sick Industrial Companies' Act, he said.
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