Pirelli shareholder Camfin posts 30 pct rise in 2012 net profit

MILAN, April 4 Thu Apr 4, 2013 3:48pm EDT

Related News

Related Topics

MILAN, April 4 (Reuters) - Italian holding company Camfin , which controls tyremaker Pirelli, said on Thursday its net profit in 2012 rose 30 percent to 70.1 million euros thanks to lower losses at its troubled property unit, Prelios.

Camfin, which is 42.6 percent controlled by Pirelli head Marco Tronchetti Provera, said three of its board members had voted against the results, including two members of the Malacalza family.

The Malacalza's own 12.1 percent of Camfin.

Tronchetti Provera and the Malacalza family have been locked in a dispute over how best to repay bank debt at Camfin.

Camfin sold a 150 million euro bond last year and used 132 million euros to repay debt due at end-2012. The rest it will invest in a rescue deal for loss-making Prelios, in which Camfin has a 14.8 percent stake.

Camfin, which had net debt at the end of December of 380.2 million euros, faces more debt deadlines in 2014.

Dividends from Pirelli of about 66 million euros each year will not be sufficient to repay the 250 million euros of debt due in two equal installments, one at the end of 2014 and one in 2015, according to Camfin and Pirelli corporate presentations.

(Reporting by Jennifer Clark and Stephen Jewkes; Editing by Steve Orlofsky)

FILED UNDER: