Sixt boasts third quarter profit despite recession - Car Rental News
Sixt boasts third quarter profit despite recession
Car Rental News - 23/11/2009
Car hire giant posts three percent annual growth
The car rental firm, Sixt cars have managed to pull off earning profits this year, despite the crippling recession and volatile global economy. Over the reported third quarter, the car rental company managed to show an increase in revenues, which bodes well for the car hire giant’s 2010 prospects.
The percentile increase was pegged to be at 8.6 percent over the same quarterly period shown the last year. However, operational revenue generated declined for this quarter. This drop was attributed to the fact that the there was a drop in the number of cars owned by the rental agency. Cost cutting measures were implemented, much like for other car hire companies, to combat the recession.
However, despite all the economic woes, Sixt cars has recorded a yearly growth of almost three percent. This trend was recorded for almost nine months of this corresponding year. The revenue netted was shown to be 28 million euro.
Controllers of the agency have revealed that cautious planning and its judicious approach in the hard times of recession have led the company profits to soar.
All the goals that had been set for the current year have been reportedly met. The company is said to be very pleased with the result and are confident that the car rental industry is slowly picking up its pace. Although it was a hard year for most car rental agencies, Sixt service and efficiency was kept up, the company spokespersons declare. Sixt has traditionally been proud of its customer-friendly service, and attribute this as the main reason why the company managed to stay on top in spite of the recession.