MILAN -- Holding Ifil, led by the Fiat-controlling Agnelli family, said on Friday it would not pay a dividend for 2002 when it made net losses at both group and parent company levels.
Ifil said parent company Ifil SpA made a net loss of 516.4 million euros ($552.7 million) in 2002, hit by writedowns of its stakes in Fiat, Club Mediterranee and depreciation of its own shares.
But the holding said in a statement it expected the parent would turn to profit in 2003.
Fiat also said on Thursday it would not pay dividends for 2002, when it made a record loss.
Ifil confirmed it made a group net loss of 367 million euros last year, hit by 430 million euros in Fiat-related losses.
Ifil and another Agnelli holding, Ifi, are undergoing a streamlining which will include transfer of holdings in Fiat, bank Sanpaolo IMI and soccer club Juventus from Ifi to Ifil.