Jaguar Land Rovers, profits and turnover drop with poor Chinese sales.

Jaguar Land Rover Automotive plc Financial Results for the Quarter ended June 30, 2015 - (figures as per IFRS) 

Jaguar Land Rover wholesales were 110,648 units and retails (including from China JV) for the quarter were 114,905 units.

Revenues for the quarter stood at GBP 5,002 million against GBP 5,353 million for the corresponding quarter last year. Operating profit (EBITDA) for the quarter stood at GBP 821 million at 16.4%, against GBP 1,087 million for the corresponding quarter last year. 

The financial performance in the quarter was lower than the strong corresponding quarter last year due to softer sales in China partially offset by strong performance in the UK, Europe and North America.

Land Rover maintained healthy sales in the quarter with Range Rover, Range Rover Sport Discovery and Defender all up compared to the corresponding quarter last year. Furthermore, the Discovery Sport performed well, already outselling the Freelander which it replaced. 

Evoque sales were lower due to the ramp up of localized production in China and softer market conditions there. Jaguar sales volumes were down as the sales of XF and XJ fell ahead of the all new lightweight XF and the refreshed XJ 16MY, on sale in autumn this year, partially offset by the successful introduction of the new Jaguar XE.

Profit before and after tax stood at GBP 638 million and GBP 492 million, respectively (GBP 924 million and GBP 693 million, respectively in the corresponding quarter last year).