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Jaguar Land Rover back in profit
30 November 2009
Jaguar Land Rover has returned to profit thanks, it says, to aggressive cost cutting and the popularity of new models.
Tata Motors reported JLR made an operating profit of £41.3 million in the three months to 30 September, compared with a loss of £34m in the same quarter a year ago. Its net loss narrowed to £60m from £240m.
Jaguar Land Rover sales rose by 23 per cent to 44,300 vehicles in the previous quarter. The highest rise in sales was in Britain, where the grew 34 per cent to 14,400 vehicles. North American sales dropped 7.3 per cent to 9600, while Chinese sales grew 2.1 per cent to 3400.
Last month, JLR secured a £175m loan from the State Bank of India, after negotiations for British government backed help floundered.
Recently JLR also announced that it plans to close one of its West Midlands factories by the middle of the next decade, outsource production overseas and close its final salary pension scheme to new members.
Jaguar has scaled back the use of contractors and temporary workers, frozen wages at its sites in the Midlands and Halewood, in Liverpool, and cut pay for new staff by up to 20 per cent.
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