After recent turbulence, legendary Italian design house Pininfarina has posted its first profit since 2004.

From a loss of 11.5 million euros ($14.8 million) in 2011, the company has posted a profit of 32.9 million euros ($42.3 million) for 2012, thanks mostly to a one-time gain.

Over the years Pininfarina has suffered several major setbacks including the sudden death of CEO Andrea Pininfarina back in 2008, the loss of numerous design contracts to internal design studios, and the recent death of patriarch Sergio Pininfarina.

To avert bankruptcy, managers at Pininfarina were forced to downsize the company by cutting loss-making car manufacturing units and focusing on the design side of things.

The company was also able to form a debt restructuring deal with its lenders that provided it with additional time to pay back its loans and freed up some much-needed cash.

These moves allowed Pininfarina to expand into new markets, especially China, which is already the single biggest market for new cars and soon will be the biggest for new car designs, too. It also allowed the company to expand its profitable Special Projects division, which was responsible for masterpieces such as the Ferrari P4/5 and Rolls-Royce Hyperion.

Pictured above is the crew at Pininfarina and the company’s latest Sergio concept car, which debuted this month at the 2013 Geneva Motor Show and was built as a tribute to Sergio Pininfarina. It points to future aspect of Pininfarina’s business: an expanded coachbuilding operation. Pininfarina says the Sergio, which is based on a Ferrari 458 Spider, could be produced in a limited run if it receives sufficient interest.