In a recent statement, Avis Budget, one of the leading rental firms across the globe has confirmed that the profits of the company for the second quarter are most likely to turn out to be lower than those reported last year during the same period. According to this giant in the car hire industry, there is certainly a decline in commercial travel. Over and above, the record high costs of fuel are hanging down heavily upon the whole of the car rental industry. Amazingly, the impact is such that the shares of Avis Budget shares are now lower than any time during the past sixteen years. In addition, the spokespeople of the company have told that the full year profit of the company is most likely to be lesser than what was reported last year.

According to major financial analysts like Reuters Experts, Avis Budget's earnings are likely to stand at around $0.18 per share towards the end of this year. In addition, Ronald Neilson, the CEO of the firm has mentioned that the widespread capacity cutbacks by several airlines are most likely to render the fourth quarter a highly challenging period for all the car rental companies across the globe as most of them base much of their rental businesses at airport locations. Despite the crunch of the present times, Avis Budget still assures that its income will stand at not less than $140 million by the end of the year.

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