Hertz Global Holdings Inc. the largest car rental group worldwide said on Wednesday its first quarter earnings narrowed benefiting from international activity and cost cuts.

The company reporter a loss of $57.7 million or 18 cents a share, compared to $62.6 million or 20 cents a share a year ago. Its revenue rose 6.1 percent to $2.04 billion from $1.92 billion in 2007.

For the full 2008 the company expects a total revenue of $8.9 billion to $9 billion and earnings per share ranging from $1.38 to $1.41,matching analysts forecasts.

Hertz reported also a relief on its net corporate debt which lowered to $4.22 billion from $4.41 the previous year.

Shares of Hertz Global closed on Wednesday 5.12 percent down to $11.31 on the New York Stock Exchange.