Pininfarina returns to profit for first time since 2004
MILAN (Reuters) -- Italian automotive design company Pininfarina returned to profit in 2012, its first since 2004, as lower financial charges from a debt restructuring helped its bottom line and its design and engineering business improved.
Pininfarina made an operating loss in of 8.2 million euros in 2012, and a net profit of 32.9 million euros ($425.25 million) because it will benefit from a one-time gain of around 45 million euros, the company said on Thursday. In 2011 it posted a net loss of 11.5 million euros.
Pininfarina has designed cars for Ferrari, Maserati, Rolls-Royce, and Cadillac, among others. It has shut down its manufacturing operations to focus solely on design after a 2009 capital increase.
A 182.6 million-debt restructuring signed in April extended the company's repayment plan from 2015 to 2018.Contact Automotive News