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JLR Posts $4.2 Billion Loss as Fiscal 4Q Profit Shrinks
Jaguar Land Rover Ltd.’s net profit plunged 56% to £119 million in the final quarter of its fiscal year ended March 31.
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Jaguar Land Rover Ltd.’s net profit plunged 56% to £119 million in the final quarter of its fiscal year ended March 31.
Revenue for the period dropped 6% to £7.1 billion (9.1 billion). Retail sales declined 8% to 58,900 units. Wholesales to dealers in January-March shrank 12% to 161,500 units.
For the full fiscal year, the company’s net earnings swung from £1.1 billion to a loss of £3.3 billion ($4.2 billion), largely because of a £3.1 billion asset writedown in October-December.
Revenue for the fiscal year fell 6% to £24.2 billion ($30.8 billion). Retail and wholesales slid 6% to 578,900 units and 11% to 565,300 units, respectively.
The British carmaker, a unit of India’s Tata Motors Ltd., saw its pretax operating income plunge 47% to £217 million ($276 million) in January-March. The company’s full-year EBIT swung to a negative £180 million ($228 million) from a positive £971 million in 2017.
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