(Alliance News) - Gefran Spa reported Thursday that it closed the first quarter with revenues of EUR34.2 million from EUR36.1 million in the same period last year.

Net of the negative effect brought by exchange rate changes, the contraction would decrease to EUR1.6 million--or 4.5 percent--from the March 31, 2023 figure.

Revenues in the first quarter include EUR100,000 for residual sales of drive products while a total of EUR300,000 was recognized as of March 31, 2023, partly related to product sales and partly for the provision of services to the WEG group. Net of these effects, the decrease in revenues in the first quarter compared to the same period last year was smaller at 4.7 percent.

Ebitda is EUR7.1 million positive from EUR8.2 million in the first quarter of 2023 and corresponds to 20.9 percent of revenues from 22.8 percent of revenues in 2023, down EUR1.1 million from the same period last year. The decrease in operating expenses compared to the previous first quarter only partially offset the decrease in value added, mainly related to lower sales volumes.

Ebit fell to EUR5.1 million from EUR6.4 million a year earlier while net income dropped to EUR3.8 million, down slightly from EUR3.9 million a year earlier.

The Net Financial Position as of March 31 was positive and amounted to EUR23.6 million while the figure at the end of 2023 was positive by EUR22.7 million. The change in the NFP is essentially originated by positive cash flows generated by core operations of EUR3 million, absorbed by disbursements for technical investments made during the first three months of the year of EUR1.4 million, as well as the payment of taxes and rental fees totaling EUR500,000. The NFP consists of short-term financial assets of EUR46.4 million and medium- to long-term debt of EUR22.9 million.

Gefran's stock is up 1.3 percent at EUR8.00 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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