Brexit costs JLR £207 million in profits
Jaguar Land Rover has been bemoaning the impact of the UK's Brexit vote on its profits, after the slump in the value of sterling wiped £207 million off its figures for the last three months.
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Pre-tax profits for the West Midlands-based car maker came in at £399 million for the first quarter of its financial year, to the end of June, compared to £638 million a year ago.
The quarterly statement from JLR's Indian parent company, Tata Motors, said higher whole sales figures were "offset by adverse FX impact of £207 million, mainly euro payables resulting from depreciation in the pound following the Brexit vote."
JLR chief executive Ralf Speth said: "We have delivered volume growth in all of our major markets and remain solidly profitable."
