Second-quarter profit for the fiscal year 2012/13 at allied marques Jaguar Land Rover (JLR) has doubled year-on-year on the back of a 29% rise in global sales.
Profit before tax, July to September 2012, was £431m, compared to £216m for the same period last year. Revenues were up 11.66%, or £373m, to £3.2bn.
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JLR profit before tax for the previous financial year (ending 31 March 2012) was confirmed as £1.5bn, with revenues of £13.5bn.
£2bn investment
Despite the "challenging economic backdrop", Ralf Speth, chief executive at JLR said the company will invest "in the region of £2bn across the financial year" on products, plants and other drivers of growth.
The two brands shifted 84,749 vehicles globally during the period; of which 16,804 (just under a fifth) were sold in the UK, a gain of 27.56% year-on-year, with Jaguar sales for the period down 9.37% and Land Rover sales up 46.40%.
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By GlobalDataHowever, October figures from the Society of Motor Manufacturers and Traders showed year-on-year growth for both brands: Jaguar up 18.51% to 845 new registrations in the month and Land Rover up 13.83% to 3,465.
JLR finance is operated through FGA Capital, the finance arm of Fiat Group Automobiles.
Further analysis of automotive brands’ results will be published in the November issue of Motor Finance magazine.
richard.brown@vrlfinancialnews.com
