Jaguar Land Rover says Tianjin blast to hit Q2 performance

Reuters Updated - January 22, 2018 at 11:35 PM.

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Jaguar Land Rover said on Wednesday that its second-quarter results will be affected by a blast at the Chinese port of Tianjin in August which destroyed or damaged many of the 5,800 vehicles the company had at the site.

More than 160 people died in a chemical explosion at the port which has also affected the supply of cars from a number of automakers.

JLR, owned by Tata Motors, said it was still assessing the damage and that it would take time to work out the level of insurance and other measures involved.

"In these circumstances, there is likely to be a one-time exceptional charge in Q2 FY16 (July-Sept 2015) before any potential recoveries in subsequent quarters," the company said in a statement.

Published on October 14, 2015 11:04