MILAN, April 4 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,
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
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