(Alliance News) - Compagnia dei Caraibi Spa reported that it closed 2023 with a loss, reporting a negative EUR2.9 million from adjusted net income of EUR2.0 million in 2022.

Revenues for the period stood at EUR52.8 million from EUR49.7 million as of December 31, 2022.

Adjusted Ebitda as of Dec. 31 was negative EUR300,000 from a positive EUR5.3 million in the same period last year.

Net financial position reports a debt balance of EUR10.3 million with cash on hand of EUR4.4 million.

Edelberto Baracco, president and CEO of Compagnia dei Caraibi, commented, "The closing of this annual report sets the stage for a future full of challenges for the company, requiring a significant commitment on multiple fronts. Aware that the coming months will require additional effort, we remain focused on medium-term objectives in line with our corporate strategy."

"These include strengthening our positioning as a player in the B2B segment, developing our proprietary brands and creative asset, and increasing the omnichannel model aimed also at the end consumer. The business area in the Italian spirits, wines and beers market continues to confirm the expertise of the parent company, allowing us to look to the future with such awareness and confidence as to foresee organic growth that, together with ongoing initiatives aimed at greater cost efficiency, will bring a positive impact on margins."

By Claudia Cavaliere, Alliance News reporter

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