flat markets
LeasePlan Corporation, the Netherlands-based international fleet
management and leasing company, recorded a net profit of €126.3m
and a lease contract portfolio growth of 3.6 per cent to €13.7bn
for the first half of 2007.
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Not only was LeasePlan successful in shrinking its operating
expenses bill by 1.2 per cent to €300m, “due to lower general and
administrative expenses and lower depreciation”, the lessor said in
a statement, but its operating income also rose by 3.1 per cent to
€446m for H1 2007.
LeasePlan, which is a joint venture between Volkswagon Group (50
per cent), the Middle Eastern investment entities Olayan Group (25
per cent) and the Mubadala Development Company (25 per cent), now
operates in 29 countries after expanding to three new countries
this year.
It bought a 51 per cent stake in Turkish firm vdf Holding by way
of a controlling interest in vdf Fleet Services, set up a new
subsidiary in Romania, and entered into a joint venture in the
United Arab Emirates.
The lessor is considering further acquisitions in other key
growth markets and expects full year 2007 profits to well exceed
those for 2006, particularly considering the recent sale of its
damage repair business.
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