PULLACH (dpa-AFX) - Sixt SE (SIX2.F), a German car rental company, on Wednesday posted a decline in earnings before taxes or EBT for the second-quarter. However, Sixt recorded an increase in revenue, helped by higher demand and further investments in a premium customer experience.
For the three-month period, the company reported EBT of 62.9 million euros, lower than 131.9 million euros, registered for the same period last year. Earnings were impacted by an increased depreciation on residual vehicle values with negative special effect of over 40 million euros and a high interest rate environment.
EBITDA, however, improved to 384.2 million euros from last year's 339.6 million euros.
Corporate EBITDA, which represents the consolidated operating result including net interest income and depreciation and amortization, stood at 120 million euros as against previous year's 177.6 million euros.
The average fleet size was 187,200 vehicles as against166, 300 vehicles a year ago.
Revenue totaled 1.01 billion euros, higher than 925.1 million euros in 2023.
Sixt generated revenue of 285.8 million from the Germany segment, followed by 400.9 million from Europe segment, excludes Germany, and 319.1 million euros from the North America segment.
Looking ahead, for the full year, the company now expects EBT of 340 million euros to 390 million euros against previous outlook of 350 million euros to 450 million euros.
The Group also expects a further significant increase in Group revenue, for the year.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
