International demand boosts JLR
CONTINUING growth in China and Russia has boosted sales and profits at Jaguar Land Rover.
Latest figures released by parent Tata Motors shows that sales for the quarter ended June 30, 2011, stood at 62,090 units – a growth of 4.9% on the corresponding quarter in 2010.
The sales, boosted by better product and market mix, will make welcome reading for the firm, which has seen figures dip in the UK.
Demand for the new baby Land Rover, Evoque, which is being made at Halewood on Merseyside, has been strong ahead of its launch next month. Around 18,000 orders for the new vehicle have been placed.
Global revenues reached £2.712bn, a growth of 19.9% over the £2.262bn in the corresponding quarter last year. Cost pressures and the impact of exchange rates resulted in a marginal reduction in operating margins to 15.1%.
Operating profit (EBITDA) of £408m represented a growth of 16.9% over the £349m in the corresponding quarter of the previous year.
Pre-tax profit for the quarter reached £248m compared to £239m last year. Profit after tax reached £219m as compared to £226m in 2010.
In May, JLR successfully completed the issue of seven-year and 10-year bonds aggregating £1bn, part of which has been used for refinancing existing loans and general corporate purposes.
Tata said the period had also seen the opening of the new vehicle assembly plant in Pune. The factory is assembling Land Rover’s Freelander 2 vehicles, which are supplied in Complete Knock Down (CKD) form, from the Halewood plant in Liverpool.
The company also confirmed the production of a new 2.2 litre diesel engine for the 2012 Jaguar XF.
The development of the Jaguar C-X75 hybrid supercar was also confirmed. In the volume sector.
