Jaguar Land Rover Swung to 2Q Pretax Profit
October 25 2019 - 8:36AM
Dow Jones News
By Adria Calatayud
British car maker Jaguar Land Rover said Friday that it swung to
a pretax profit for the second quarter of fiscal 2020 thanks to
lower costs as well as rising sales at a higher margin.
The company, which is owned by India's Tata Motors Ltd.
(500570.BY), made a pretax profit of 156 million pounds ($200.9
million) for the three months to Sept. 30 compared with a loss of
GBP90 million in the year-earlier period.
Quarterly revenue rose 8% to GBP6.1 billion, JLR said. Its
earnings before interest and taxes margin was 4.8% for the
quarter.
The company said its transformation program is on track to
achieve efficiencies of GBP2.5 billion by March 31, 2020, having
delivered savings of GBP2.2 billion to date.
For fiscal 2020 as a whole, JLR said it continues to expect a
year-on-year improvement and to target a 3-4% earnings before
interest and taxes margin with cash flow increased over last
year.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
October 25, 2019 09:21 ET (13:21 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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