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Jaguar Land Rover witness record profits

Jaguar Land Rover have witnessed a 34% jump in profits after sales hit a record high of £1.5 billion during 2011-2012.

This was a increase of £1.12 billion in the previous year, and represented a 27% increase in retail sales to 305,859 units. Parent company Tata Motors said the increase was down to strong demand from China and other emerging markets.

Pre-tax profits for Q1 2012 were £530 million, an increase of £231 million on the same period last year. Revenues were also up by £4.14 billion.

The UK is still the car manufacturer’s biggest market, but 80% of production is now exported to respond to demand from emerging markets.

Jaguar Land Rover chief executive Ralf Speth commented: “Today’s announcement… is a positive reflection of the continued level of consumer confidence in both of our brands.

Earlier this year the car maker announced plans for a joint venture agreement with Chery Automobile to build vehicles for the Chinese market. However Chinese authorities have yet to give the agreement regulatory approval.

This was posted in Bdaily's Members' News section by Ruth Mitchell .