Sixt reports third quarter car rental profits

The car rental agent, Sixt, has reported there third quarter figures and they have improved again for year showing that there is some hope for the rental car industry. Despite the current economic climate both of the firm’s sectors, Leasing Business Units and Vehicle Rentals, have come up trumps and they have recorded an 8.6 per cent rise profits compared to the same time last year.

The profit before tax was standing at €28.1 million, which is just two million short of lat year’s figures but with a reduced fleet size. The firm has said that this has been the trend throughout the nine month period to 30th September. They attribute it to a reduction in fleet and a restructuring of the company in the early part of this year. Although the revenue figure has dropped compared to the third quarter in 2008, it has improved over the previous two quarters by 13.3 per cent on the first quarter and 5.1 per cent on second quarter results.

Erich Sixt, the chairman of the managing board of Sixt, said that the first nine months results show that the car rental business is still working. The firm’s increase in profit and revenue over the time period in 2009 backs this up that businesses and the public are again making use of the car rental market.

Almost all of the rental firms around the world reduced their fleets and restructured their companies in what they were expecting to be a bad year. Like Sixt, most have managed to come out on top with clever management of finances and are looking forward to a good 2010.