It has been a great year for the travel industry compared to the previous year. As the global economy continues to improve, people from all over the world are starting to travel again. No industry has seen a bigger turnaround in profits than the travel market. Sixt went on to prove this by announcing that it had experienced better-than-expected profits in the first nine months of 2013. Although it does not have the official numbers for the second half of the finical year, it reports that it expects to see these profits to continue to climb.
This nice increase in profits during the first nine months of 2013 was likely due to the company’s great success in the third quarter of the year. Sixt admitted that it had a very strong third quarter, which actually saw a huge increase in domestic demand. A lot of this demand was coming from businesses that are finally starting to let their employees travel again.
Sixt says that it was able to record, before taxes, a €114.6 million profit during the first nine months of the year. This is about 10.2 percent higher than what it recorded during the same time last year. In the third quarter alone, Sixt was able to bring in some EUR 56.8 million. This actually represents the strongest quarterly results that Sixt has ever had. It is shocking to see the company go from not making huge profits last year to breaking records this year.
The chairman of the managing board for Sixt, Erich Sixt, said that the company’s business performance for the second half of the year has just been great. It has completely exceeded everyone’s expectations and is very encouraging. Once again, Sixt is showing that it is one of the best car hire companies in the industry. Right now, it is looking like Sixt will close out 2013 with some very good results.
The company saw its rental revenue jump nearly 6.7 percent compared to numbers from last year. In Germany, which is the company’s home country, rental revenue was about on par with last year. Most of the money that Sixt was able to receive was thanks to the huge growth that it witnessed abroad.
Sixt also saw its leasing revenue increase. However, this increase was only 3.4 percent. While it is great to see its revenue increasing, it is not as much as what it saw in rental revenue. Consolidated operating revenue was nearly 5.8 percent higher than what it was last year.
Sixt does expect to see its earnings continue to grow into 2014. The results for the last half of 2013 will be released sometime during the early part of 2014. Experts predict that Sixt will likely see further improvements in its overall earnings. Other car rental companies in Europe are likely to continue to post higher profits as well.