(Alliance News) - Pininfarina Spa reported Friday that it closed 2023 with a net loss of EUR1.6 million, which compares with a loss of EUR5.0 million in the previous year.

Revenues rose to EUR90.4 million from EUR72.8 million thanks to the positive performance of its target markets highlighted by an increase in revenues from sales and services to EUR87.2 million from EUR72.2 million in 2022 and higher other revenues and income of EUR3.3 million from EUR500,000 in the previous year, mainly due to capital gains from the sale of a prototype and the San Giorgio Canavese plant.

Ebitda increased to EUR5.1 million from EUR800,000 in 2022 while operating loss decreased to EUR300,000 from EUR3.2 million a year earlier.

Medium- to long-term bank debt decreased by EUR2.5 million as a result of the payment of the annual installment of EUR3.6 million and the loading of notional charges of EUR1.1 million on the parent company's debt, which is measured by the amortized cost method. Short-term financial liabilities include EUR800,000 in payables for bank advances related to factoring contracts pertaining to the German subsidiary.

Pininfarina's stock closed Friday up 1.6 percent to EUR0.74 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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