Sixt car rental profits jump by 9 percent

Sixt remains Germany’s largest car rental firm and the company received an additional boost today, when it was revealed that its profits rose by 9.3 percent during the first quarter of the year. This good fortune, however, can in large part be attributed to the fact that Sixt has expanded its business in recent months, by establishing more car rental outlets outside of Germany. By the end of the first quarter, Sixt’s net income stood at €24.8 million, which translates into €0.99 per share. During the same period in 2007, Sixt’s income was only €22.7 million, with shares coming in at €0.91.

The rise in the firm’s revenue, however, is perhaps even more impressive, since it rose by nearly 12 percent and now stands at €405.9 million. The main factor behind this noticeable rise, however, has been a marked increase in sales outside of Germany. Sixt’s Chief Financial Officer, Karsten Odemann, pointed out that the company may be “near the saturation point” when it comes to the German market, which makes it all the more important that it continue to expand in other countries. As part of this strategy, Sixt aims to open up 100 new rental locations this year alone, many of which will be located outside of Germany, primarily in other European countries. Sixt predicts that 2008 will continue to be a good year for the company, as the continental European rental market remains quite strong and price increases are anticipated.

www.sixt.co.uk