(Alliance News) - The board of directors of Pininfarina Spa on Tuesday evening approved the financial report on the group's performance for the first half of the year, which closed with a result for the period showing a net loss of EUR3.7 million, which compares with a net loss of EUR1.3 million for the corresponding period in 2022.

Revenues from sales and services including assets from contracts and royalties amounted to EUR36.8 million, up EUR2.2 million from the corresponding figure for the comparison period of EUR34.6 million. Other income and revenues amounted to EUR300,000, up EUR100,000 from June 30, 2022.

EBITDA is negative EUR900,000 from a positive EUR1.7 million in the first six months of 2022, "as a result of the positive results of the parent company and Pininfarina of America contrasted by the negative margins achieved by the companies in China and Germany.

Financial management showed net expenses of EUR700,000 as of June 30, 2023, with no significant changes from the comparative period.

Looking to the future, "forecasts for 2023, based on current evidence from 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."

Pininfarina closed Tuesday's session 1.4 percent in the red at EUR0.85 per share

By Maurizio Carta, Alliance News reporter

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