(Alliance News) - The board of directors of Fine Foods & Pharmaceuticals NTM Spa on Wednesday approved the interim report as of March 31, reporting a profit for the period of EUR2.8 million, essentially stable compared to the first quarter 2023 result of EUR2.9 million.

Revenues amounted to EUR65.6 million, stable compared to those recorded in the same period last year.

Ebitda for the first quarter of 2024 was EUR8.9 million compared to EUR7.9 million in the first quarter of 2023.

"There is evidence of a decrease in the incidence of raw material costs on sales revenue to around 58 percent compared to 60 percent as of March 31, 2023, and a progressive improvement in organizational efficiency," the company explains in the released note.

Ebitda margin in the first quarter stood at 13.5 percent compared to 12.1 percent in the first quarter of 2023.

Ebit in the period under review stood at EUR5.1 million with an increase of EUR900,000 compared to March 31, 2023.

Net financial position as of March 31, 2024 of EUR43.6 million is essentially stable compared to December 31, 2023.

This "shows a positive flow from operating activities of about EUR5.6 million, net Capex made during the period of about EUR5.5 million and purchase of treasury shares of about EUR100,000," the company notes.

Fine Foods & Pharmaceuticals NTM on Wednesday trades in the red by 0.2 percent at EUR8.46 per share.

By Maurizio Carta, Alliance News reporter

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