French operational leasing company Touax’s
half year results show an increase in revenue but a drop in net
income.

Despite a revenue increase of 4%, profits were
down 5% from €8m to €7.6m and net income decreased by €0.6m to
€5.7m compared to June 2010, according to a company statement.

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The Paris-based lessor explained the drop in
net income was due to an increase in financial charges linked to
the financing of new investments and to a rise in income tax.

Earnings in the first half of 2011 mainly came
from countries with high taxation rates.

The company’s revenue amounted to €150.1m
compared to €144.8m the same time in 2010.

The leasing revenue increased by 6.6% and
Touax commented that the increase in both the utilisation rate and
in lease rates have contributed to the positive half year leasing
results.

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The company’s four areas of business are
shipping containers, modular buildings, river barges, and freight
railcars.

The leasing revenue compared to half year
figures of 2010 went up in all sectors, but revenue for shipping
containers went down compared to the first quarter of this
year.

In the shipping sector, the company noted a
slowdown in demand in China due to lower volumes than forecast
during the high season, but expect it to pick up again in the final
quarter of this year.

The company also commented that leasing rates
remained under pressure for certain types of railcar equipment in
Europe.

Raphaël and Fabrice Walewski, managing
partners of Touax said: “Business in the first half of 2011 was in
line with our expectations.”

“We do not anticipate any slowdown in the
second half of 2011 and we expect to achieve a higher revenue in
2011 than in 2010.”

Elza.HolmstedtPell@vrlfinancialnews.com