(Alliance News) - Brioschi Sviluppo Immobiliare Spa reported Friday that it closed 2023 with a loss of EUR1.7 million, which compares with net income of EUR32.9 million in the previous year.

Drastic decline in revenues, to EUR16.3 million from EUR160.0 million, with those from property and merchandise sales falling to EUR1.1 million from EUR133.9 million. Rental income falls to EUR8.5 million from EUR11.7 million, and service and other income falls to EUR6.6 million from EUR14.4 million.

Ebitda plummets to EUR1.7 million from EUR47.2 million and operating loss of EUR1.9 million compares with operating profit of EUR41.1 million in 2022.

Net financial position to the credit system as of December 31, 2023 is EUR5 million compared to EUR17.3 million as of December 31, 2022. The improvement is mainly attributable to cash flows from the subsidiary Milanofiori Sviluppo, which also further reduced the unsecured exposure during the year, as well as to the repayment and cancellation of lease liabilities totaling EUR4.3 million as a result of the consensual termination of the passive lease of a portion of the "U3" building at Milanofiori Nord.

Brioschi Sviluppo Immobiliare's stock closed Friday up 1.8 percent at EUR0.058 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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