Hertz Global Holdings, owners of Hertz Rent A Car, has reported a narrow 4th quarter loss steered along by improvements in the US car rental industry and with a recent cost cutting strategy.

In the final quarter of last year, the firm recorded a net loss of $30.9 million, or 8 cents per share, compared with a loss of $1.21 billion a year ago.

The company earned a total of 6 cents per share, excluding items, with revenue for the quarter also falling by 3 per cent to $1.74 billion.

Car rental industry experts were anticipating the firm to earn 1 cent per share more, prior to special items, on revenue of $1.70 billion, according to sources.

The company showed signs of a successful cost-cutting strategy, with total expenses dropping by 44 per cent to $1.80 billion, and the company had recorded a non-cash impairment charge of $1.17 billion in the same period last year.

Mark P Frissora, chief executive of Hertz Global Holdings said that the company hoped that this year that many costs would be removed from its business processes and by further developing new revenue sources.  He also mentioned that 150 new rental locations would open up internationally and in the US.