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TVS Motor's Indonesian subsidiary sells surplus land at profit of $16.9 million

29 Jun 2013 Evaluate

TVS Motor's Indonesian subsidiary, PT TVS Motor Company Indonesia has sold one of its surplus land for a $23.4 million. According to the company's Annual Report for 2012-13, the land which was bought in 2008 was sold at a profit of $16.9 million. Consequently, profit before tax for the year was Rs 7.6 crore compared to a loss of Rs 87.72 crore in 2011-12.

Further, the company is planning to launch a new kubek and a new motorcycle during 2013-14 for the Indonesian market and is looking at expanding its dealership network from 100 dealers to 150 dealers by the end of March 2014.

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