GAM halves losses in first quarter of the year

Spanish rental company GAM reduced its losses by 50% in the first quarter of 2013, with operating losses of €7.3 million on revenues of €33.3 million.

Revenues were down 13% compared to the first quarter in 2012. Sales in Spain fell by 18% to €20.8 million, and in Portugal were down 44% to €2.0 million. GAM’s international business grew by 11% to €10.5 million, representing almost a third of GAM’s business.

Recurring EBITDA profits increased by 9% to €10.5 million.

The company highlighted a 29% reduction in its debts from €367 million to €261 million, at the end of the quarter.

GAM said it would continue its strategy of reducing debt by downsizing its fleet to adapt to market conditions, and continue to improve margins through cost reduction measures and international growth.

Since the financial crisis GAM has scaled down its Spanish operation and established new rental businesses in markets including Saudi Arabia, Latin America and eastern Europe.