Saras Swings To 2012 Net Loss

Italy's Saras SpA SAAFY posted a net loss in 2012. Saras posted a 2012 loss of 90.1 million euros ($116.5 million), versus a year-ago net profit of EUR58.8 million. Its adjusted net loss came in at EUR35.2 million, versus a year-earlier net loss of EUR17.7 million. Its revenue rose 8% to EUR11.9 billion, while earnings before interest, tax, depreciation and amortization came in at EUR173.6 million, versus EUR394.3 million in 2011.