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 (£55.3 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
first-half 2009 net profit of €61 million represents a significant
fall against the first half of 2008’s equivalent figure of €112
million.
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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.
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