Sixt posts revenue increase - Car Rental News
Sixt posts revenue increase
Car Rental News - 30/08/2012
Germany-based car rental firm Sixt saw rising revenues during the first six months of 2012, officials said.
Germany-based car rental firm Sixt saw a significant rise in revenues during the first six months of 2012, officials said last week.
Revenues for the provider’s parent company Sixt AG grew by 8 per cent in the first quarter and by a total o f 2.8 per cent for the first half of the year, figures issued on Friday show. Other numbers were generally in line with analysts’ predictions, including a pre-tax earnings total of €363.4 million (£287 million).
Sixt AG’s managing board member Erich Sixt said in a statement that the positive figures show that the company is able to perform well despite economic uncertainty.
However, among other figures posted last week, the firm said that leasing revenues dropped to €188.3 million (£149 million), a decline of 4.4 per cent, as a result of fleet management efforts. The company also invested heavily during the six-month periods; more than 85,000 new fleet vehicles cost the company some €2.04 billion (£1.61 billion), whilst further costs were incurred amid the brand’s ongoing entrance into the US market.
The company said that revenues were expected to grow even further during the remaining portion of the year. But officials also said that the eurozone crisis and other factors would mean 2012 will see an increasingly difficult trading environment for the car hire industry.