(Alliance News) - Gabetti Property Solutions Spa reported Wednesday that it closed the first half of the year with a loss of EUR966,000 from a liability of EUR1.0 million in the same period last year.

Operating revenues amounted to EUR53.0 million, down 12 percent from EUR60.3 million in the same period of 2023.

Group Ebitda is EUR9.9 million, up 43% from EUR6.9 million as of June 30, 2023.

Group Ebit is negative EUR2.2 million from EUR2.2 million in the first six months of 2023.

Net financial debt is EUR51.5 million from EUR60.6 million as of December 31, 2023.

"The group aims for positive cash generation in 2024 and a strong reduction in net debt compared to December 31, 2023," the company's note reads.

As far as economic performance is concerned, "the 2024 result has been and will be affected by the effects resulting from regulatory changes inherent to tax breaks in the redevelopment area; in any case, a recovery is expected in the second half of 2024 also thanks to the development of Gabetti Lab's new businesses."

Gabetti Property Solutions closed Wednesday up 1.2 percent to EUR0.51 per share.

By Chiara Bruschi, Alliance News reporter

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