Jaguar Land Rover profits at £1.1m

Jaguar Land Rover has posted pre-tax profits of £1.1 billion in a remarkable reversal of fortunes from two years ago when it slipped into the red.

Announcing its results for the full year to March 31, the car maker, which is now owned by India's Tata Motors, said revenues were 51% higher at £9.9 billion.

JLR sold 243,621 cars - up 26% from the previous year - as demand for its new and revamped models rose rapidly in emerging Asian markets.

The manufacturer's move to bolster its line-up with the new Jaguar XJ and upgraded Land Rover range paid off as the cars enjoyed sales success in countries including China, Russia and the US.

Last year the company made profits of £14.6 million, after suffering losses the previous year as it struggled under the severe impact of the recession.

In June 2008, the Indian company owned by Ratan Tata acquired JLR from Ford in a £1.5 billion deal.

A series of investments in new models followed, driving the company's turnaround.

JLR expects to roll out the latest Range Rover Evoque later this year and said it would invest £1 billion a year on new production for the next five years.

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