(Alliance News) - Ascopiave Spa reported Thursday that it made a profit of EUR6.7 million in the first quarter from EUR5.6 million in the first quarter of 2023.

Revenues for the period amounted to EUR47.4 million compared to EUR40.7 million recorded in the same period of 2023.

Ebitda is EUR23.3 million from EUR20.3 million in the first quarter of 2023.

Ebit increases to EUR10.9 million from EUR8.4 million as of March 31, 2023.

Net financial position is EUR412.2 million from EUR389.4 million as of Dec. 31, 2023.

As far as the future is concerned, the company expects, "net of income components of an extraordinary nature recorded in 2023 and which may possibly affect the year 2024, results to grow compared to those of the previous year, mainly as a result of the increase in tariff revenues induced by the monetary updates of the calculation parameters and the increase in the rate of return on recognized capital from 5.6 percent in 2023 to 6.5 percent in 2024 ordered by the Energy Networks and Environment Regulatory Authority to take into account the upward trend in market rates."

Ascopiave President and CEO Nicola Cecconato said, "The gas distribution sector benefited from the tariff adjustments resulting from the increase in market rates and the recovery of the inflationary dynamics recorded last year; the results of the renewable energy sector, on the other hand, were positively affected by the recovery of energy production, thanks to more regular rainfall and the commissioning of a new wind farm in Calabria."

Finally, "the growth of EstEnergy's consolidated income should be noted, which increased even against the reduction of our stake in the company. The investments made, amounting to more than EUR15 million in the quarter, were mainly directed to the gas distribution sector and are in line with planned objectives," the CEO concluded.

Ascopiave's stock trades in the red by 0.2 percent at EUR2.24 per share.

By Chiara Bruschi, Alliance News reporter

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