March 24, 2020 / 6:48 AM / 4 days ago

BRIEF-Pininfarina FY Net Result Turns To Loss of EUR 23.1 Mln

March 24 (Reuters) - Pininfarina SpA:

* 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

* 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

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Further company coverage: (Gdansk Newsroom)

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