MILAN, May 11 (Reuters) - Italian automotive design company Pininfarina forecast a return to profit in 2012, its first since 2004, as lower financial charges from a debt restructuring help its bottom line and its design and engineering business improves.
“The company’s debt restructuring enables us to say for the first time in five years that our survival is no longer at risk,” said Chairman Paolo Pininfarina, the grandson of the family-controlled group’s founder Battista Farina.
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.
An 182.6 million-debt restructuring signed in April extends the company’s repayment plan from 2015 to 2018.
Pininfarina said in a statement on Friday it expects to make an operating loss in 2012, but will earn a net profit because it will benefit from a one-time gain of around 45 million euros.
Pininfarina’s first quarter loss narrowed to 3.1 million euros from a previous loss of 6.5 million euros the same quarter a year ago. Revenue rose to 15.7 million euros from 13.4 million euros the same time last year, boosted by results of its design and engineering operations in Germany. (Reporting by Jennifer Clark)