Filed under:
Europe,
Earnings/Financials,
Design/Style
Italian design house
Pininfarina predicted last May that it would face an operating loss for 2012 but still
come out with a net profit. Both predictions have come true - the company is reporting an operating loss of 8.2 million euros and a net profit of 32.9 million euros ($42.5 million US).
According to
Reuters, the good news came because of a debt restructuring arranged last year that gives the company three more years to repay its $182.6 million in debt, and a one-time gain of roughly 45 million euros ($57.6 million US). It is the company's first profit since 2004, and is a more robust sign of forward progress than the
retrospective museum exhibits held in the company's honor last year. Perhaps the company's better financial condition will help it pull the trigger on a limited production run of the
Sergio barchetta concept (shown above)
as rumored.
Pininfarina in the black for first time since 2004 originally appeared on
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Report: Pininfarina in the black for first time since 2004
