Italy's Seat 2012 core profit falls 13 pct, missing target
MILAN, March 8
MILAN, March 8 (Reuters) - Italian yellow pages company Seat Pagine Gialle posted on Friday a 13 percent fall in 2012 core earnings, missing its own targets because of a deepening economic recession.
In February, the heavily indebted company said it would ask creditors for a debt restructuring after conceding that its interest burden and the recession have made its targets to 2015 unachievable.
In a statement on Friday, Seat PG said core profits (or before interest, tax, depreciation and amortisation) fell to 323 million euros ($419 million) in 2012, missing its business plan target of 343 million euros. Revenues fell to 843 million euros in 2012 from 957 million euros the year before.
It also reaffirmed its previous targets were no longer achievable and said a new business plan was necessary.
On Feb 6, Seat PG was given 120 days to present a debt restructuring proposal in court. ($1 = 0.7703 euros) (Reporting By Danilo Masoni; Editing by Chizu Nomiyama)