GAM reports €9.7m losses in first half year

Spanish rental company GAM’s latest results for the first half of 2013 show that the company continues to reduce its losses, with net losses of €9.7 million compared to €57.6 million in the same half year in 2012.

Revenues continue to fall, however, with sales down 17.6% to €60.9 million (from €74.0 million last year). Sales from Spain, which represented 61% of the total, were down 20.7% at €37.3 million, while those at its international businesses fell by 12.2% to €23.7 million.

GAM’s international businesses are in Portugal, Poland, Romania, Bulgaria, Mexico, Brazil, Peru, Panama, Chile, Colombia, Morocco and Saudi Arabia.

GAM is the largest equipment rental company in Spain. In response to the crisis in Spain and the dramatic reduction in its domestic activities the company has in recent years expanded into eastern Europe, North Africa, the Middle East and South America, mainly using fleet transferred from Spain.