Ramirent, an international rental company based in Helsinki, Finland, posted €124.6 million in second-quarter revenue (about U.S. $176.5 million), compared with €180.8 million for the same period last year, a 31-percent decline. For the first six months of 2009, Ramirent’s net sales dropped 28 percent to €246.8 million (about U.S. $349.6 million), a 28-percent decline compared with €342.9 million for the first six months of 2008.
Forecasts indicate that construction volumes will decline significantly in most of Ramirent’s operating countries for the full year 2009, and Ramirent expects equipment rental to be soft. Ramirent foresees worsened market conditions in the Nordic countries and central Europe for the second half of 2009.
“Market conditions are challenging in most of our markets and the decline in net sales continued in the second quarter of the year,” said Magnus Rosen, Ramirent CEO. “Our current priority to safeguard profitability and cash flow has proved successful. By maintaining a restrictive capital expenditure regime and taking actions to adjust our cost base to lower sales volumes, the group was able to deliver a healthy cash flow and a resilient EBIT margin also for the second quarter.”