Carmaker Jaguar Land Rover saw annual profits plunge 40 per cent, despite it reporting record sales and a 10 per cent rise in revenues. The British company which is owned by Indian Tata Motors, saw annual revenues rise to (pound) 22.2 bn after sales increased 13 per cent to 521,571, the first time the company has broken through the half-million sales barrier.
But pre-tax profits fell to (pound) 1.56 bn, down from (pound) 2.6 bn a year earlier, "primarily reflecting market conditions during the first half of the year- especially in China, model mix and continued investment," JLR said.
