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Avis Europe loss widens as car prices climb

Avis Europe loss widens as car prices climb

Avis Europe PLC, Europe's largest car-hire company, said Tuesday its first-half loss widened as the cost of cars rose and customers rented vehicles on longer contracts, eating into the average price.
The net loss came to euro12.8 million (US$17.4 million), compared with a loss of euro8.6 million in the same period a year earlier, the company said in a statement. Sales gained 4.7 percent to euro604 million (US$825.3 million).
"Overall pricing was lower, but with some improvement since Easter," said Chief Executive Murray Hennessy.
The shares slipped 1.7 percent to 44.5 pence (US$0.90; euro0.65) in London.
Avis Europe operates using its name under license from the U.S.-based Avis Budget Group.


Updated : 2021-05-18 11:16 GMT+08:00