(Alliance News) - Pininfarina Spa reported on Thursday that it closed the first quarter with a loss of EUR2.4 million, which compares with the EUR1 million red for the same period last year.

Revenues, however, increased to EUR17.4 million from EUR16.6 million. The increase was in the style segment by about 7.1 percent while the engineering segment decreased by about 2.3 percent.

Ebitda is negative EUR900,000 versus positive EUR500,000 a year earlier while operating loss widened to EUR1.9 million from EUR600,000.

Net financial position is negative EUR3.7 million and compares with positive figures of EUR1.7 million as of March 31, 2022 and EUR1.3 million at the end of last year.

"Forecasts for 2023, based on the current evidence of the business sectors in which the Pininfarina group operates, indicate an increase in the value of total revenues compared to what was achieved in 2022," the company explained.

Pininfarina's stock is at parity at EUR0.80 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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