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Jaguar Land Rover reported its first profit in four quarters, raising optimism that the struggling U.K. automaker is on the mend.
Net income was 119 million pounds ($151.6 million) in the three months ended March, Jaguar Land Rover said in a statement on Monday, while profit before tax, excluding exceptional items, was 269 million pounds.
JLR posted a loss of 3.6 billion-pound loss for the full year ended March 31, after a large writedown in the third quarter.
Tata Motors expects JLR to return to profit this financial year helped by cost cuts and a recovery in Chinese demand, it said on Monday. Brexit-related costs have also weighed negatively on the company’s finances.
Tata Motors finance chief, P.B. Balaji, told reporters he expected Chinese sales to return to growth “a quarter from now.” JLR has “managed to stabilize” in China after removing surplus inventory, he said.For the full article, please read on AutomtiveNews.com Source