may return to profit in the first quarter after a loss in 2007,
according to a Reuters report which quoted an unnamed source. The
report confirms a press report which sparked gains in its share
price.
Italease declined to comment on the report.
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The leasing company posted a net loss of €525.6 million last
year on large derivatives-linked losses. It said last month market
turmoil had weighed on the start of 2008.
Financial daily Il Sole 24 Ore said on March 12 early signs
suggested that Italease, which had to ask shareholders for €700
million to cover its derivatives losses, should show a net profit
in the first quarter.
The shares rose more than 6 per cent in a weak Milan market with
volumes at 1.3 times the daily average of the last 30 days.
“Banca Italease is being rewarded for the newspaper report,
which says the tidying up of its balance sheet has been concluded
and feeds expectations of a partnership,” a trader said.
In a letter to shareholders published on the bank’s Web site,
chief executive Massimo Mazzega and chairman Lino Benassi said the
bank had “turned the corner”.
“Although aware of the difficult moment the market is in, (we
can) look to the future with renewed confidence,” they said in the
letter.
