VB Leasing reports threefold profit hike for 2008

VB Leasing Romania (VB Leasing Ro) reported a 2.7-fold increase in net profit, in the context of cost reduction measures. The company recorded 160-million euro turnover for last year, down 22% from a year earlier, according to Peter Demmer (photo), managing director of VB Leasing.

In 2007, VB Leasing recorded a value of financed goods of 205 million euros.

After-tax profit reported by VB leasing Ro in 2008 amounted to 6.8 million euros, from 2.5 million euros a year earlier, said the managing director of VB Leasing.

“The primary earning drivers were the improvement of efficiency and reorganization of administration processes for agreements and alternative sale and cost reduction after an in-depth review of costs that were not adding any value to client-oriented services”, Demmer added.

The company estimates for this year a value of financed goods at 182 million euros , up 14% from 2008, and around 9,500 new contracts.

“In 2008, we had concluded 8,690 new contracts, which is very reasonable given the economic evolution since July”, head of VB Leasing explained.

As for the structure of VB Leasing Ro portfolio, the car sector had the biggest contribution of the company’s portfolio – 49%. “The commercial vehicles accounted for 30%, and equipments – 21%”, Demmer said.

He said he expected a portfolio reshuffle this year, so that the share of the car segment to shrink, and equipment and commercial vehicle portion to rise within the portfolio framework.

This year, the company will focus on equipment sector, especially the medical and agricultural.

“The equipment sector, especially the medical and agriculture, have a high development potential, the need of retooling and revamping being necessary. The state measures in the development of this sector are extremely important, and the leasing industry will represent a viable source to materialize the development”, Demmer continued.

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