28.6M LOSS SEEN FOR GFT SPA

$28.6M LOSS SEEN FOR GFT SPA

Byline:

MILAN — GFT SpA is expected to post a consolidated loss of about $28.6 million (50 billion lire) at current exchange for 1994, according to Gemina, which acquired the manufacturer of designer apparel late last year.
The loss will be due to reserves for additional charges in the current year related to GFT’s restructuring. In 1993 GFT reported a consolidated net loss of 196 billion lire on sales from continuing operations of 1.47 trillion lire.
Gemina is an investment company owned by the Fiat Group. It noted that the GFT balance sheet has yet to be approved by the GFT board.