Jaguar Land Rover reports nearly 4.6 bln USD annual loss

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LONDON, May 20 (Xinhua) -- Jaguar Land Rover made an annual loss of 3.6 billion pounds (4.58 billion U.S. dollars) in its latest financial year despite a profit of 120 million pounds in the final quarter, the company said on Monday.

In the financial year ending on March 31, the company made a pre-tax loss of 358 million pounds, but previously-announced third quarter non-cash impairment charge of 3.1 billion pounds and the redundancy costs taken in the fourth quarter contributed to a full-year pre-tax loss of 3.6 billion pounds, according to the company.

Jaguar Land Rover, Britain's largest carmaker, returned to profit for the first time in Q4 after making loss in three consecutive quarters. Pre-tax profit stood at 120 million pounds from January to March after 149 million pounds of redundancy costs as part of the ongoing transformation, it said.

The company has suffered from a weaker China market, falling diesel sales and uncertainties related to Brexit.

Jaguar Land Rover said it is on track to make at least 2.5 billion pounds of investment, working capital and profit improvements by March 2020 through its transformation program, and it has delivered the 1.25 billion pounds of savings by March 2019.

"Jaguar Land Rover has been one of the first companies in its sector to address the multiple headwinds simultaneously sweeping the automotive industry. We are taking concerted action to reduce complexity and to transform our business through cost and cash flow improvements," Jaguar Land Rover Chief Executive Ralf Speth said.

Jaguar Land Rover, owned by India's Tata Motors, announced in January it would cut costs by 2.5 billion pounds in the next 18 months and slash 4,500 jobs from its 40,000-strong UK workforce on top of the 1,500 job losses announced in 2018. Enditem

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