JLR expects lower 2015 profit because of blast, investments

London

LUXURY British carmaker Jaguar Land Rover (JLR) will post a lower pre-tax profit in 2015 than in the previous fiscal year, due to major investments and a blast at China's Tianjin port that destroyed thousands of its cars, its CEO Ralf Speth said.

The company, which said on Tuesday that it will invest nearly £500 million (S$1.07 billion) in its British engine manufacturing centre, saw up to 5,800 cars damaged or destroyed in a chemical explosion at Tianjin in August.