Sogefi appoints new CEO, virus weighs on 2020 results

Sogefi SpA

26/02/2021 14:50

Feb 26 (Reuters) - Italian auto parts maker Sogefi  SGFI.MI 
appointed Frederic Sipahi as its new CEO on Friday after posting
a 22.4% drop in 2020 core profits as an uptick in sales in the
fourth quarter was not enough to offset the impact of the
coronavirus crisis.  
    The Milan-based company, which develops and produces
filtration, air management and engine cooling systems as well as
suspension components, said full-year earnings before interests,
taxes, depreciation and amortization (EBITDA) came in at 137.6
million euros ($166.69 million), while revenues fell 14.2% at
constant exchange rates to 1.2 billion euros.
    Sogefi, which provides original parts to some of the world's
major carmakers such as General Motors  GM.N , Toyota  7203.T 
and Volkswagen  VOWG_p.DE , expects to return to a full-year net
profit this year from a net loss from operations destined to
continue of 19.6 million euros in 2020, thanks to measures put
in place to cut the impact of fixed costs and to improve
profitability.
    By 1450 GMT, the stock was down 2.8% at 1.26 euros per
share, compared with a 0.6% fall in Milan's all-share index
 .FTITLMS . 
($1 = 0.8255 euros)

 (Reporting by Federico Maccioni, editing by Agnieszka Flak)
 ((Federico.maccioni@thomsonreuters.com; +48 58 7696595;))