(Alliance News) - Fiera Milano Spa reported Wednesday that it made a net profit of EUR8.4 million in the first quarter of the year, an improvement from a loss of EUR12.9 million in the first quarter of 2022.

Revenues amounted to EUR48.1 million, up from EUR23.5 million in Q1 2022. The positive change in revenues is mainly related to the good overall performance of annual events and conference business, and the different exhibition calendar, with the presence in the quarter of the annual events MIDO and Bit, which in FY2022 had been postponed to the following quarter.

Ebitda was EUR8.9 million, an improvement from the first quarter of 2022 when it was EUR2.3 million. The change mainly reflects revenue performance. This effect was partially offset by higher operating costs, mainly due to higher electricity prices.

Ebit for the quarter was negative EUR4.2 million compared to negative EUR14.2 million in Q1 2022. The change reflects the trend in Ebitda partially offset by higher depreciation on the right of use of leased assets resulting from the contractually agreed monetary revaluation.

Net financial debt before IFRS 161 effects amounted to a net financial availability as of March 31, 2023 of EUR37.5 million, an improvement from a net financial availability of EUR29.8 million as of December 31, 2022.

As for the future, "based on the current macroeconomic scenario, the group expects to confirm the Ebitda target of EUR70-80 million as of Dec. 31, 2023," the note says.

Fiera Milano's stock trades in the green by 1.9 percent at EUR2.68 per share.

By Chiara Bruschi, Alliance News reporter

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