(Alliance News) - BasicNet Spa announced Tuesday that its board of directors reviewed results for the first three months of the year, during which the group posted revenues of EUR101.6 million from EUR108.0 million a year earlier, down 5.9 percent.

Ebitda amounted to EUR12.4 million from EUR14.8 million as of March 31, 2023, down 16 percent.

Ebit is EUR8.2 million from EUR10.8 million in the first three months of 2023, down 25%, after allocating EUR2.2 million in amortization of tangible and intangible assets and EUR2.1 million in amortization of usage rights, up due to new retail openings, with 10 direct stores.

Net financial position is negative EUR143.0 million from EUR139.1 million as of Dec. 31, 2023. NFP to banks is negative EUR93.5 million from negative EUR92.6 million as of Dec. 31, 2023, an improvement from minus EUR99.3 million as of March 31, 2023.

"The context of uncertainty characterized by the slowdown in consumption and the instability of the global geopolitical and macroeconomic scenario makes it complex to predict the performance in the short term," the statement said. "The group continues to be focused on medium- to long-term growth with the objective of creating brand value, with a healthy distribution, consolidated through the development of the store network and continuous investment activity in communication to support the brands.

BasicNet gives up 0.5 percent to EUR3.82 per share.

By Chiara Bruschi, Alliance News reporter

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