Turnaround faces: Carl-Peter Forster and Ravi Kant
INDIA’S Tata Motors, owner of Jaguar and Land Rover, said on Friday (February 26) the British luxury brands had returned to profit as demand for high-end cars returned following the global financial crisis.
Tata Motors, the country’s top vehicle maker, reported that it had swung to a consolidated net profit in the third quarter from a loss a year earlier, helped by higher sales from the two marques.
The company said its global operations, including Jaguar and Land Rover, showed a net profit of Rs6.5bn ($141m/£92.4m) for the three months ended December.
“The Jaguar-Land Rover business turned profitable. Supported by a better market environment and cost-cutting, it posted a profit of 4.1 billion rupees,’ Tata Motors said in a statement.
For the December quarter, sales from Jaguar Land Rover rose 28 per cent from the preceding quarter on improved demand in North America, Europe and China, the statement added.
Tata Motors' vice chairman Ravi Kant said “The big turnaround has happened.”
“We saw demand picking up in the US and Europe and hope to continue on this path for the future,’ he told reporters in Mumbai on Friday.
Last month, Tata Motors said its domestic operations swung to a quarterly profit from a loss a year earlier as demand for cars increased, aided by new launches.
Tata Motor’s new chief executive Carl-Peter Forster, who took charge earlier this month, told reporters he would need about 100 days time before speaking about the company’s operations.
The 55-year-old former head of General Motors’ European operations will have overall responsibility for Tata Motors’ global activities as group chief executive, a new position in the company's 65-year history.
No Comments Posted yet
Do you have comments on this?