JLR returns to profit in Fourth Quarter
Jaguar Land Rover announced it had achieved a fourth quarter pre-tax profit of £120 million – its first in four quarters.
During the quarter the company incurred redundancy costs of GB£149 million. Revenue for the quarter was £7.1 billion reflecting a year-on-year decline of £421 million.
For the full year JLR reported sales of £24.2 billion but a pre-tax loss of £358 million before £3.3 billion of exceptional costs. UK and North American sales increased in the year by 8.4% and 8.1% respectively. However, JLR reported continued weakness in China, where there was a 5.8% year-on-year decline in retail sales. JLR News