Revenues at Italdesign-Giugiaro group declined 8.2 percent to E125.4 million last year. Operating and net profit halved to E21.1 million and E10.6 million respectively.
The Italian design and development company said the year was 'characterized by the cancellation of important programs by certain institutional customers' that mainly affected the engineering and prototype construction division. The styling and models division showed growth.
Italdesign expects current difficult market conditions to persist in the first half, but said the second half should improve.
- Luca Ciferri
Leather maker Conceria Pasubio of Vicenza, Italy, won a contract to supply Jaguar with 4,500 leather interior kits a month for the S-type. It will also supply 4,500 to 5,000 kits a month for the X-type.
The family owned company already supplies Alfa Romeo, Ferrari, Fiat, Ford, GM, Lancia, Pininfarina, PSA/Peugeot-Citroen and Saab.
Conceria Pasubio's 2001 revenues were E103 million, of which E62.5 million was generated by the automotive division.