(Alliance News) - The board of directors of SIT Spa on Thursday approved the consolidated results for the first quarter of 2024, closing with a net result for the period is a loss of EUR1.8 million compared with a profit of EUR1.3 million in the same period last year.

Consolidated revenues for the first quarter of 2024 are EUR69.0 million recording a decrease of 17 percent compared to the first quarter of 2023, when it was EUR83.6 million.

Ebitda is EUR6.4 million, down 23 percent from the previous year's first quarter of EUR8.3 million, "and is affected by the volume effect mainly in the Heating & Ventilation division only partially offset by the Metering division and the efficiency and cost containment actions," the company explains in the released note.

The purchase cost of raw materials and consumables, including changes in inventories, amounted to EUR34.9 million, accounting for 50.5 percent of revenues, compared with 49.1 percent recorded in the same period 2023.

Operating income was a negative EUR500,000 compared to EUR1.6 million in the first quarter of 2023.

As of March 31, 2024, net debt was EUR161.1 million versus EUR153.7 million as of December 31, 2023.

SIT on Thursday trades in the green by 1.8 percent at EUR2.29 per share.

By Maurizio Carta, Alliance News reporter

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