UK: Tata's Jaguar Land Rover reports quarterly profit up 100%
Tata Motors' luxury vehicle unit Jaguar Land Rover has reported its second quarter results for the 2012/2013 fiscal year (Q2 FY13) as GBP431m profit before tax, a 100% increase on the same period in the last financial year.
JLR said the positive result in the second quarter reflects a 29% increase in retail sales volumes (84,749 vehicles in total) globally. The company has generated revenues of over GBP3.2bn (an increase of GBP373m).
Commenting on the results, JLR Chief Executive Officer, Dr. Ralf Speth said: "Jaguar Land Rover has delivered another quarter of positive results against a challenging economic backdrop. We continue to see strong sales across all of our key markets.”
“Jaguar Land Rover will continue to invest in its products, plants and will drive further growth by spending in the region of GBP2bn across the financial year.”
"In the third quarter, we will see the first customer deliveries of the all-new Range Rover along with the introduction of the Jaguar XF Sportbrake and all-wheel drive versions of the Jaguar XJ and XF,” Speth added.
Jaguar Land Rover said it has created over 8,000 new jobs in the last two years to support its ambitious investment and growth plans. This includes 1,100 new jobs at Castle Bromwich; 1,000 new manufacturing posts at the Solihull plant; 1,000 jobs at Halewood and 1,000 engineers.
Jaguar Land Rover has also moved to three shifts at both its Halewood and Solihull plants during the first half of the financial year to support the increased demand for its products globally.
Jaguar Land Rover claims it invests more in research and development than anyone else in the UK automotive sector and is in the top ten across all sectors of the British economy.