Brief: Pininfarina FY Net Result Turns To Loss of EUR 23.1 Mln

Pininfarina SpA

24/03/2020 06:45

March 24 (Reuters) - Pininfarina SpA  PNNI.MI :
    * REPORTED ON MONDAY FY PRODUCTION VALUE OF EUR 90.4 MLN VS
EUR
105.5 MLN YEAR AGO
    * FY NET LOSS OF EUR 23.1 MLN VS PROFIT OF EUR 2.2 MLN YEAR
AGO 
    * BOARD PROPOSES NOT TO DISTRIBUTE DIVIDEND
    * SEES DECREASE OF PRODUCTION VALUE IN 2020
    * SEES NEGATIVE OPERATING RESULT AND NEGATIVE NET RESULT IN
2020 
    * ON COVID-19 EMERGENCY, CO DID NOT DETECT REDUCTIONS IN
ACTIVITY
OR CANCELLATION OF ORDERS OVERALL, SHOWING TREND SUBSTANTIALLY
DISSIMILAR TO EXPECTATIONS PRECEDING VIRUS SPREAD
    * ON COVID-19 EMERGENCY, ONLY EXCEPTION CONCERNS CHINESE
MARKET,
WHERE PRODUCTION AND SERVICES WERE DRASTICALLY REDUCED IN JAN.
AND FEB. 2020. 
    * FROM CURRENT SIGNALS, 2020 IS EXPECTED TO CLOSE, IF NOT
WITH
SAME VOLUME OF BUSINESS AND MARGINS PREVIOUSLY EXPECTED, WITH
POSITIVE RESULTS
    * OTHER MARKETS (INDIA, GERMANY, ITALY AND UNITED STATES) DO
NOT
CURRENTLY SHOW NEGATIVE SIGNS COMPARED TO FORECASTS

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nBIA4zGPtr
    
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