Helsinki, Finland-based Ramirent, a rental company with branches in 13 countries, posted a 30.8-percent net sales decrease in the third quarter of 2009. Net sales for the period were €129.5 million (about U.S. $195 million), compared with €187.2 million for the same period in 2008. For the first nine months of 2009, net sales dropped 29 percent to €376.3 million. The decrease was 22.4 percent at constant currency.
“Market conditions continued to be weak in the third quarter,” said Ramirent CEO Magnus Rosen. “Our primary focus continued to be on right-sizing operations and safeguarding profitability. Our cost-savings initiatives advanced according to plan and we continued to right-size and re-allocate our rental fleet. In the current economic environment, it is satisfying to see that we were able to deliver a healthy cash flow and improve our financial position also in the third quarter.
“We estimate that the fourth quarter 2009 and the full-year 2010 will be challenging. Our priorities in the current market remain on cost and cash-flow management as well as preparing for capturing opportunities in the recession.”
Ramirent operates in Finland, Sweden, Denmark, Norway, Czech Republic, Lithuania, Russia, Ukraine, Hungary, Slovakia, Estonia, Latvia and Poland.