Mumbai, Feb 11 (IANS) British luxury car maker Jaguar Land Rover on Thursday said its pre-tax profit for the third quarter of 2015-16 declined 27.15 percent, at 499 million pounds (approx $721.2 mn) as against 685 million in the same period last fiscal, despite the best quarterly sales performance in the company’s history.
The strongest quarterly sales performance in the company’s history for the quarter saw sales of 1,37,653 cars globally, Jaguar Land Rover said in a statement.
“We have reported solid revenues and profits in our latest financial quarter, reflecting very positive customer demand for our new and refreshed line-up of vehicles,” said CEO Ralf Speth in the statement.
However, the company’s total revenues slumped by two percent to 5.8 billion pounds compared to the year ago quarter.
On a quarter-on-quarter basis, retail sales rose by 23 percent with 1,37,653 vehicles in Q3 2015-16.
Jaguar sales rose by 30 percent with the sale of 23,841 units while Land Rover sales rose by 22 percent with 1,13,812 units in the quarter under review.
Compared to Q3 2014-15, demand rose nearly 50 percent in the top three regions of Jaguar Land Rover in Europe, North America and Britain while Chinese demand fell by 10 percent due to local market conditions and model transitions.
The third quarter of the current fiscal saw an EBITDA margin of 14.4 percent at 834 million pounds.