COMMENT: Avis Europe: brakes on profits
Avis Group's 2003 full year profits plunged to €59.4 million from €122.3 million the year before. This sharp drop is partly a result of the Iraq conflict and generally weak demand in the car rental market. However, Avis has also seemingly underestimated the cost of integrating the Budget rental operation acquired in 2002, and the group may have to tighten its belt further this year.
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