Avis Budget Group posted a first quarter net loss of $12 million

, following a $13 million profit a year earlier. "Industry pricing pressures that began in December continued throughout January and early February, but subsided over the balance of the quarter," according to CEO Ronald Nelson. However, the company noted that it "continued to achieve modest price increases on our commercial contract renewals." Domestic car rental revenue grew 5 percent year-over-year while international car rental revenue jumped 20 percent. Looking ahead, "We project that domestic enplanements, which are a principal determinant of on-airport rental volumes, will increase modestly in 2008 compared to 2007 amid a relatively weak macroeconomic environment in first half 2008."