(Alliance News) - Arnoldo Mondadori Editore Spa reported Tuesday that it closed the first quarter with a loss of EUR7.1 million, up from a loss of EUR5.2 million in the first quarter a year earlier.

Consolidated revenues increased to EUR166.1 million, up 3.8 percent from EUR160.0 million as of March 31, 2023. Excluding the scope change between the two periods under review, resulting from the consolidation of Star Shop, organic revenue growth is at 1.5 percent.

Adjusted Ebitda amounted to EUR4.8 million, up 9.3 percent from EUR4.4 million in the first quarter of the previous year, due mainly to the performance of the Trade Books and Retail areas.

Ebitda for the first quarter of 2024 is EUR5.7 million, compared to EUR4.7 million as of March 31, 2023.

Ebit was EUR8.7 million from EUR8.2 million in the same period.

Net financial position as of March 31, 2024 is negative EUR205.5 million from minus EUR220.8 million in 2023, "thanks to the significant cash generation of the business and despite the cash-out related to the dividend distribution and the acquisition of Star Shop."

As stated by Antonio Porro, chief executive officer and general manager of the Mondadori group, the results "allow us to confirm the outlook for the 2024 financial year."

Mondadori's stock trades in the red by 4.3 percent at EUR2.25 per share.

By Chiara Bruschi, Alliance News reporter

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