The British automaker Jaguar Land Rover (JLR) seems to be improving. The company, owned by the Indian company Tata Motors, recorded a profit of £ 119 million in the three months to March, equivalent to 136 million euros. That meant the first quarterly profit in a year.
Profit before tax excluding exceptional items rose to £ 269 million in the last quarter of its broken financial year. Jaguar Land Rover has recently cut costs, among other things by thinning out the managers layer. The interventions seem to pay off. However, JLR closed the financial year with a record loss of 3.6 billion pounds, partly due to a billion-dollar depreciation in the third quarter.
JLR, like other automakers, is affected by lower sales in China. In addition, Europeans are less likely to poke diesel cars. Sales increased in the US and Europe, but not enough to fully compensate for the decline in China. Turnover in the closing quarter of the financial year decreased by 461 million pounds to around 7.1 billion pounds.