Reuters: Financial Services and Real Estate: Avis Budget posts loss on higher expenses

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Avis Budget posts loss on higher expenses May 7th 2012, 11:16 Mon May 7, 2012 7:16am EDT May 7 (Reuters) - Car rental company Avis Budget Group posted a quarterly loss on a 35 percent increase in expenses, but revenue rose on improved travel demand across majority of the company's markets. For the first quarter, the company reported net loss of $23 million, or 22 cents a share, compared with earnings of $7 million, or 6 cents a share a year ago. Revenue rose 31 percent to $1.62 billion. Total expenses increased to $1.65 billion due to the company's 2011 acquisition of Avis Europe.

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