Apparel maker IT Holding SpA has reported a net consolidated loss of EUR73 million for 2003, compared with a profit of EUR4.4m in the previous 12 months.

The Italian company, which owns the Gianfranco Ferre label, attributed the decline to EUR57m in one-time devaluations and EUR12.4m in higher financing fees.

Earnings before tax and interest, meanwhile, dropped to EUR62.4m for the year, down from EUR655m in 2002.

However, net sales rose to EUR668m from EUR655m in the previous 12-month period.

IT Holding also produces junior apparel lines for high-end brands Versace and Dolce & Gabbana.