(Alliance News) - I Grandi Viaggi Spa reported Thursday that its board of directors approved its results for the third quarter, reporting a loss of EUR2.0 million, an improvement from a net loss of EUR5.1 million in the same period last year.

Revenues rose to EUR32.2 million from EUR24.4 million in the third quarter of 2022. This increase, the company points out in a note, is mainly due to the recovery of sales related to long-haul destinations outside Europe, which had been negatively affected, first by measures to contain the Covid-19 pandemic and later by fears caused by the Russian-Ukrainian conflict.

Ebitda remains negative EUR250,000 from negative EUR3.2 million for the same period in 2022. The improvement "is due to the increase in sales related to the loyalty and incentive commercial policies for sales of stays in the facilities."

Ebit amounted to minus EUR2.0 million, from a negative EUR5.2 million in Q3 2022.

As of July 31, the group's cash and cash equivalents amounted to EUR17.35 million and Net short-term financial position was positive EUR15.9 million while total net financial position, including long-term financial assets, was positive EUR25.1 from EUR24.08 million in 2022.

I Grandi Viaggi's stock is down 0.5 percent to EUR0.78 per share.

By Chiara Bruschi, Alliance News reporter

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