May 8, 2018 / 6:02 AM / 14 days ago

LeasePlan Q1 profit drops 5 pct as it continues work on IPO

AMSTERDAM, May 8 (Reuters) - LeasePlan, one of the world’s largest car leasing companies, on Tuesday reported a 5 percent drop in first-quarter net profit to 133.3 million euros ($158.8 million), due to impairments on its Turkish and German fleet.

LeasePlan reiterated that it was exploring “various strategic alternatives”, including a possible initial public offering of shares, without giving further details.

The Netherlands-based company said in February it planned an IPO, without formally setting a date. Last month Chief Executive Tex Gunning said an IPO would not happen until after the summer.

LeasePlan, valued at roughly 6 billion euros, was sold by Volkswagen in 2015 to a group of investors led by TDR Capital and Dutch pension fund PGGM.

Impairments in the first quarter amounted to 30 million euros as LeasePlan had to take into account the steep depreciation of the Turkish lira and loss-making contracts in Germany. ($1 = 0.8396 euros) (Reporting by Bart Meijer; Editing by Gopakumar Warrier)

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