Cat Financial has reported a
decrease in revenues of 5% to $640m (€481m) for the third quarter
of 2010, compared to the same period in 2009.
Profit after tax was $73m for
the three months to 30 September 2010, four% down on 2009. Bad
debts also rose, with $78m written off during the quarter, up from
$13m for 2009.
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In a statement, the company
said: “The increase in write-offs reflects the lingering effect
that the economic downturn has had on some of our customers, most
notably in the US and European housing and general construction
industries. Third quarter, year-to-date 2010 annualised losses were
1.03% of the average retail portfolio, compared to 0.90% for the
same period in 2009 and 1.03% for the full-year 2009.”
Profit after tax was down
four% to $208m for the nine months to end-September 2010, while
revenue slipped seven% to $1.92bn.
Cat Financial president, and Caterpillar Inc
vice-president, Kent Adams, said: “Portfolio performance continued
to strengthen during the third quarter.”
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