Pininfarina expects 2012 net profit, first since 2004
Italian automotive designer Pininfarina has turned its first profit since 2004 buy returning to the green in 2012. The move was helped by 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.
Pininfarina has designed cars for Maserati, Ferrari, Rolls-Royce, Cadillac and many others.
The company said that it expects to make an operating loss in 2012, but will earn a net profit because it will get a one-time gain of around 45 million euros.
– By: Omar Rana