Published: Wed, August 01, 2018
Markets | By Noel Gibbs

Jaguar Land Rover reports £264 million pre-tax loss

Jaguar Land Rover reports £264 million pre-tax loss

Tata Motors reported a quarterly profit of 11.88 billion rupees in its business in India excluding JLR, reversing a loss in the same period a year earlier and helped by higher sales of its passenger and commercial vehicles. This comes as its subsidiary, Jaguar Land Rover (JLR), posted lower revenues due to fewer vehicles sold in the period.

Tata Motors Group has announced its financial results for the quarter ending June 30, 2018, with the Indian company experiencing its first quarterly loss in three years - it is also the company's worst quarterly loss in almost nine years, according to a Bloomberg data.

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Commenting on the domestic business and it's growth, Chandrasekaran said, "I am delighted with the progress made by the domestic business on their "Turnaround 2.0" strategy".

Britain's biggest auto maker made a £264m pre-tax loss in three months to the end of June, compared to a £595m profit last time round.

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"With regard to JLR, we faced multiple challenges including issues like China duty impact as well as the market issues like diesel concerns in United Kingdom and Europe", said Chairman Natarajan Chandrasekaran. Towards this, we will step up all round execution.

Towards increased transparency, the company has announced separate segmental results for CV and PV businesses from this quarter. The adverse impact of the China duty reduction along with unfavourable currency revaluation and higher depreciation provision as per the company's new capitalization policy has led to an EBIT loss of GBP224mn, with EBIT margins at -4.3 per cent (at -3.7 per cent including share of profit from JVs). The carmaker was impacted "negatively by uncertainty over diesels in Europe along with Brexit and additional diesel taxes in UK", CEO Ralf Speth said. Its sports utility vehicles F-Pacre and Discovery Sport saw a decline in sales, aiding the quarterly loss. Total sales fell 6.7% year-on-year to £5.2bn.

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Dr Speth said JLR expected sales and financial results to improve over the remainder of the financial year, driven by continued ramp up of new models including the electric Jaguar I-Pace. "We will also calibrate our capital spends to minimise cash outflow", he said.

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