Avis Europe Plc, Europe's largest car-rental company, said its first-half loss widened as fleet-renewal costs increased and customers hired vehicles on longer contracts, eroding average prices, according to Bloomberg.
The net loss was 12.8 million euros ($17.4 million), or 1.4 cents a share, compared with 8.6 million euros, or 0.9 cents, a year earlier, Avis said.
The rate of decline in Avis's daily revenue doubled to 1.6 percent, even after the company sold smaller units and made more use of Internet-based booking systems to curb costs.
Avis Europe stock is down 45 percent this year, giving the company a market value of 414 million pounds ($831 million).
Avis competes with companies including Sixt AG, Germany's largest car-rental provider, whose shares have declined 14 percent this year, and Hertz Global Holdings Inc. which has advanced 29 percent, Bloomberg reports.