London: India's Tata-owned Jaguar Land Rover has powered to half-year profits of over 1 billion pounds for the first time, boosted by global demand for the new Jaguar F-Type and Range Rover Sport.
JLR said that it would invest 2.75 bn pounds in its products and facilities in the financial year to March 2014.
According to a report in the Telegraph, the UK-based car maker surprised analysts with a better than expected 42 pc rise in profits to top 1.08 billion pound for the six months to September 30.
In Britain, it is opening a new 500 million pound engine factory in Wolverhampton next year, with the creation of 1,400 jobs, while in September JLR announced plans for further expansion of its Solihull factory in Birmingham.
The company said it would invest 1.5 bn pounds to support a new range of sports cars and cross-over cars featuring the latest in lightweight aluminium technology, a spend expected to create another 1,700 jobs.
Including these latest jobs, JLR would have created almost 11,000 new posts in Britain over the past three years, the company said.
JLR s performance compensated for continuing losses in the standalone Tata car business.
The Indian company said: The weak operating environment in the India business was more than offset by the increase in wholesale volumes and richer product and market mix at Jaguar Land Rover.
JLR said the figures reflected strong demand for the new and refreshed Jaguar and Land Rover line up, lifted over the period by the sales debut of the Jaguar F-type and Range Rover Sport and a strong Range Rover performance .
Revenues jumped 26 pc to 8.71 billion pounds, with retail sales volumes rising 16 pc year on year to 197,363 units.
The sales momentum accelerated in the second quarter when revenues leapt 40 pc to 4.61 bn pounds, with profits before tax reaching 668 million. JLR made 1.68 bn pound profits on 15.8 bn pound revenues for the whole of its last financial year.
First Published: Saturday, November 09, 2013, 14:21