Sixt posts Q1 loss despite earnings growth

Car rental firm Sixt has posted a Q1 loss of €12.6 million, despite reporting its “record” earnings for the quarter of €858.1 million.

The Germany-based company said “strong” growth in Europe and the US contributed to a 10 per cent year-on-year increase in revenues for the period, while its fleet remains at a “tight” level after growing 3.9 per cent year-on-year to 168,700 vehicles.

Sixt chief financial officer Franz Weinberger said the company is “well on track” to achieve its full-year targets, where a 5-10 per cent year-on-year revenue increase is expected.

“We efficiently met the high demand for our mobility products in the first quarter… Against the background of ongoing macroeconomic uncertainty, we are…