NEW YORK — Plunging costs and lower debt allowed Fila Holding SpA to substantially cut its loss in the fourth quarter.

For the three months ended Dec. 31, the Biella, Italy-based footwear and sportswear company reported a net loss of $16.6 million, or 38 cents a diluted American depository share (ADS), just more than one-third the prior-year loss of $46.7 million, or $1.52.

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