Full-year revenues fell 5.6 per cent to £7.1 billion, as growth in the USA and United Kingdom was offset by "weaker Chinese market conditions".
Mumbai-based Tata Motors, which reported quarterly earnings results after markets closed on Monday, has been struggling with its JLR arm for months due to a slump in China sales, while also dealing with a weak industry.
The vehicle manufacturer, which has already announced thousands of job cuts in the United Kingdom in the first months of 2019, made the loss after a £400m profit in 2018.
Full-year revenues fell 5.6 percent to £7.1 billion, as growth in the USA and United Kingdom was offset by "weaker Chinese market conditions".
For the fiscal ended March 31, the company's standalone profit stood at Rs 2,398.93 crore against a net loss of Rs 946.92 crore in the preceding financial year.Читайте также: Ric Flair underwent surgery this week. Here's the latest on his condition
Jaguar Land Rover also saw unit sales jump in the United Kingdom and in north America, which went up by 8.4 percent and 8.1 percent respectively during the year.
JLR says its turnaround program, dubbed Charge, will drive it to at least $3.18 billion (£2.5 billion) of investment, working capital and profit improvements by March 2020, and that it now has $4.84 billion (£3.8 billion) of cash.
He further added, "In JLR, we continue to face challenges in China which we are addressing on priority". Most of these are due in the United Kingdom, where the company has 40,000 workers. The firm launched a £2.5bn turnaround plan earlier this year, to which it gave much of the credit for the gains.
In other good news, the company made a £120 million ($223 million) pre-tax profit in the last quarter, even after spending on £149 million ($278 million) on redundancies.
The turnaround programme has already delivered £1.25 billion in cost savings and efficiencies, JLR said. He is being replaced by his former deputy Adrian Mundell, 57, who was appointed Jaguar Land Rover's cost-cutter-in-chief as the company's transformation director. To weather the volatile external scenario, we are taking decisive steps to step up competitiveness, reduce breakeven and improve cash flows whilst continuing to invest in exciting products and leading-edge technologies.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2019 Copyright.
Автоматизированное извлечение информации сайта запрещено.
Код для вставки в блог