(Alliance News) - Orsero Spa reported Tuesday that it closed the first quarter with profit down 62 percent to EUR5.0 million from EUR13.0 million in the same period of 2023, "as a result of the lower operating margin," the company explained, and the negative impact "of taxation related to the lower contribution of the Shipping BU benefiting from the tonnage tax regime."

Net revenues fell to EUR337.9 million from EUR347.3 million, down 2.7 percent from the year before, due to the normalization of banana product prices and the stagnant performance of some winter campaigns and the Shipping BU, which continued to record the normalization of sea freight rates that had already begun during 2023.

Adjusted Ebitda amounted to EUR16.8 million from EUR26.2 million in the first quarter of 2023.

Ebit dropped 51 percent to EUR8.7 million from EUR17.7 million in the same period.

Net financial position was EUR139.0 million as of March 31, 2024 compared to EUR127.8 million as of December 31, 2023, characterized by a higher absorption of working capital related to seasonality factors typical of the business in the first part of the year.

"The group's performance," commented Raffaella Orsero and Matteo Colombini, CEO, Co-CEO and CFO of Orsero respectively, "remains solid and well aligned with the forecasts for the year 2024.

Orsero's stock is in the red by 0.8 percent at EUR14.20 per share.

By Chiara Bruschi, Alliance News reporter

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