(Alliance News) - Immsi Spa on Monday reported that it closed the first quarter with net income before minorities of EUR8.4 million from EUR15.6 million as of March 31, 2023.

Consolidated revenues in the period were EUR434.9 million from EUR553.5 million last year.

Ebitda as of March 31 was EUR71.1 million from EUR77.1 million in 2023, while Ebit was EUR36.5 million from EUR40.3 million.

Net financial position is negative EUR894.6 million from EUR827.4 million as of December 31, 2023.

The company's investments stood at EUR42.6 million from EUR34.7 million as of March 31, 2023.

In detail by industry sector, as of March 31, the Piaggio group had sold a total of 120,300 vehicles worldwide, recording consolidated revenues of EUR428 million.

Consolidated Ebitda was EUR75.3 million, while Ebit was EUR41.3 million and net income was a positive EUR18.7 million.

Net financial debt was minus EUR498 million.

With reference to the subsidiary Intermarine Spa, as of March 31, the company reported consolidated revenues of EUR6.5 million, while the Real Estate and Holding segment had net revenues of EUR300,000 for the period.

"The Immsi group closed the first quarter of 2024 by achieving the highest margin levels ever, despite the fact that the temporary slowdown in some markets, particularly those in Asia, led to a drop in revenues," according to the note released by the company.

"Although the geopolitical and macroeconomic environment is still complex, the group will continue its growth path by maintaining a constant focus on the efficient management of its economic and financial structure in order to respond nimbly and immediately to the challenges of 2024."

Immsi trades in the red by 1.4 percent at EUR0.56 per share.

By Claudia Cavaliere, Alliance News reporter

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