Pininfarina car designer returns to profit in 2012
MILAN, March 21
MILAN, March 21 (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 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.
Pininfarina said in a statement on Thursday it 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.
In 2011 it posted a net loss of 11.5 million euros.
($1 = 0.7737 euros) (Reporting by Francesca Landini)
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