Dow Jones reports that Italian car designer Pininfarina SpA has posted a 28.4% drop in its 2002 sales revenue. The report says that the company’s 2002 sales fell to 531.1 million euros, a 28.4% drop on the previous year’s total.

Pininfarina said its 2002 earnings before interest and tax would be around 4% of revenue, or roughly 21 million euros. In 2001, the Turin-based automotive company had EBIT of 3.4% of sales, equal to 25 million euros.

Pininfarina said it expects its 2003 revenue to jump more than 30% thanks to its expanding engineering division and a new contract with Volvo Car Corp.