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Sixt Group FY19 Profit Down; To Suspend Dividend; Warns On FY20 Due To Covid-19

Car rental company Sixt Group (SIXGF.PK) reported Wednesday that its fiscal 2019 Group profit declined to 246.8 million euros from last year's 4038.9 million euros. The prior year result included a one-off income from the sale of the DriveNow investment.

Consolidated earnings before taxes or EBT came to 337.4 million euros, down from 534.6 million euros a year ago.

The mobility service provider's consolidated revenue climbed 12.9% to 3.31 billion euros driven by increased demand at home and abroad.

Further, the company said it has planned the suspension of dividend payment for fiscal 2019, with the exception of the minimum dividend of 0.05 euro per preference share.

Looking ahead, the company projects challenging year 2020 due to the worldwide Corona crisis. Expectations for 2020 are still positive, but it sees very much reduced consolidated EBT.

Due to significant consequences of the Corona crisis, Sixt SE expects to see a strong decline in consolidated operating revenue for the whole of fiscal 2020.

For the year 2021, Sixt expects a return to normality and projects consolidated operating revenue to see significant uptake as well as a slight increase in Group EBT, both compared to the previous record year 2019 and not taking into account the discontinued Leasing Business Unit.

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