Europcar Announces Stable Revenue for Q3
The European car rental company’s results come during a period of worsening economic conditions in Europe.
European car rental company Europcar announced its financial results for the third quarter and first nine months of 2011, reporting that year to year revenue was stable during a period of worsening economic conditions in Europe, according to a Europcar press release.
Philippe Guillemot, CEO of Europcar Group, said the company experienced growth in corporate segments and sustained demand in leisure segments, primarily from cost-conscious consumers. He said that in the current market uncertainty, the company has “prepared additional cost-saving initiatives, if necessary.”
The company reported revenue of €616 million in the third quarter and €1,526 billion in the first nine months of 2011.
The company also reported that it continued to improve its fleet utilization rate at 77.3% rate in the third quarter of 2011 compared with 76.9% in the year-earlier period.
For the nine months ending Sept. 30, 2011, Europcar’s consolidated revenue rose by 0.1% to €1,526 million from €1,524 million in the first nine months of 2010 (restated at constant exchange rates).
Average fleet in the first nine months of 2011 was 1.7% lower than the 2010 level for the same period, illustrating the higher utilization rate.
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