Jaguar Land Rover Q3 net profit up 57 per cent
Better product and market mix boosted sales
British carmaker Jaguar Land Rover (JLR), owned by Tata Motors of India, has reported a net profit of £440.4m for the third quarter ended 31 December 2011, an increase of 57.4 per cent compared with £279.9m for the same period a year ago.
JLR posted net revenue of £3.74bn for the third quarter of 2011, an increase of 41 per cent compared with £2.65bn for the same period in 2010. EBITDA (earnings before interest, taxes, depreciation, and amortization) was £751.9m for the third quarter of 2011, an increase of 62.6 per cent compared with £462.4m for the same period in 2010.
In a statement, Tata Motors said that during the third quarter economic conditions and financial markets within the UK and euro zone have remained volatile. During this period, interest rates have remained constant.
The growth of automobile market in China and Russia particularly in the sports utility vehicle (SUV) and luxury model segments has helped the company to enhance its sales. Apart from fluctuation in exchange rates during the quarter, better product and market mix have boosted sales for the company.
In the UK, Jaguar and Land Rover wholesale volumes were 3,053 and 11,176 units respectively for the quarter, while combined retail volumes were 12,593 units in the third quarter of 2011, an increase of 15 per cent over third quarter of 2010.
Total retail volumes for the third quarter of 2011 in the European region were 18,695, an increase of 46 per cent compared to third quarter of 2010.
For the nine months of 2011, Jaguar Land Rover reported sales of 216,412 units, an increase of 21.9 per cent compared with corresponding period last year. Sales grew primarily due to strong growth in China and Russia.
JLR’s recently introduced SUV Range Rover Evoque recorded sales of approximately 32,000 wholesale units by the end of December 2011.