Turning a corner: Jaguar upbeat on sales despite racking up massive full-year loss

Jaguar Land Rover crashed to a £3.6 billion annual loss as it was weighed down by a slump in Chinese sales. The luxury car manufacturer, which announced 4,500 job cuts earlier this year, was heavily dragged down by a £3.3bn writedown in the third quarter. It slumped from a £400 million profit in the previous financial year as it was hit by the economic slowdown in China. However, the firm was positive about recent sales after it delivered a £120m pre-tax profit in the fourth quarter following nine months of losses. Full-year revenues fell 5.6 per cent to £7.1bn.