GAM halves losses in first quarter of the year

By Murray Pollok25 June 2013

Spanish rental company GAM reduced its losses by 50% in the first quarter of 2013, with operating losses of €7.3 million on revenues of €33.3 million.

Revenues were down 13% compared to the first quarter in 2012. Sales in Spain fell by 18% to €20.8 million, and in Portugal were down 44% to €2.0 million. GAM’s international business grew by 11% to €10.5 million, representing almost a third of GAM’s business.

Recurring EBITDA profits increased by 9% to €10.5 million.

The company highlighted a 29% reduction in its debts from €367 million to €261 million, at the end of the quarter.

GAM said it would continue its strategy of reducing debt by downsizing its fleet to adapt to market conditions, and continue to improve margins through cost reduction measures and international growth.

Since the financial crisis GAM has scaled down its Spanish operation and established new rental businesses in markets including Saudi Arabia, Latin America and eastern Europe.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, International Rental Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Latest News
Loxam accelerates environmental shift
Equipment rental company aims to halve direct emissions by 2030 and cut indirect emissions by 30%
New HBOX+ lighting tower from Himoinsa
HBOX+ is designed for efficiency, connected remote control, safety and easy transport
Carrier Rental Systems launches ‘clean air’ fleet
Air scrubbers and filter units are designed to improve indoor air quality and improve productivity
CONNECT WITH THE TEAM
Murray Pollok Managing Editor Tel: +44(0)1505 850 043 E-mail: murray.pollok@khl.com
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: simon.kelly@khl.com
CONNECT WITH SOCIAL MEDIA