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August 26, 2009updated 12 Apr 2017 4:33pm

LeasePlan reports strong profit for H1 2009

International fleet management and leasing company LeasePlan has announced that its results for the first half of 2009 show that its portfolio size remained "stable" over the period, while continuing operations delivered a "solid" net profit of 61 million. Compared with the same period in 2008, however, its H1 2009 net profit of 61 million represents a significant fall against H1 2008's equivalent figure of 112 million

By Jo Tacon

International fleet management and leasing company LeasePlan has
announced that its results for the first half of 2009 show that its
portfolio size remained “stable” over the period, while continuing
operations delivered a “solid” net profit of €61 million.

The lessor’s portfolio of leases stood at €14.1 billion as of
June 2009, compared with €14.2 billion at the end of December
2008.

Compared with the same period in 2008, however, its H1 2009 net
profit of €61 million represents a significant fall against H1
2008’s equivalent figure of €112 million.

LeasePlan’s results have been “negatively affected by the
current economic conditions that led to unprecedented losses in the
remarketing of end of contract vehicles across the world,” said CEO
Vahid Daemi. However, he still professed himself “pleased” with
what he called a “positive” performance, given the difficult wider
economic conditions affecting the vehicle leasing industry.

“Although the global economic crisis has deepened and given that
we focus on maintaining our margins instead of growth, we managed
to maintain the value of our lease portfolio in a contracting
market, reconfirming and reinforcing our global leadership
position,” Daemi commented.

Investments made in risk management processes and the lessor’s
international presence had also helped mitigate the losses caused
by lower residual values, he added.

Jo Tacon

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