(Alliance News) - I Grandi Viaggi Spa announced Wednesday that the board approved the draft financial statements as of October 31, 2022, and reviewed the group's consolidated results between November 1, 2021 and October 31, 2022, reporting a net loss of EUR140,000 from a net loss of EUR1.4 million as of October 31, 2021.

On an adjusted basis, the company closes the financial statements as of Oct. 31 with an operating profit of EUR2.0 million, after charging EUR720,000 in marketing and advertising expenses incurred to strengthen the group's brands to the income statement.

Revenues in the period amounted to EUR49 million from EUR28.9 million in the same period last year, marking an increase of about 70 percent.

"The increase in revenues can be attributed to the reopening of international borders after the Covid-19 pandemic, which actually enabled the resumption of package tour sales to foreign destinations, both owned and marketed," the company explained in a note.

Ebitda stood at EUR3.1 million from EUR2.6 million as of Oct. 31, 2021.

Ebit amounted to EUR310,000 from an operating loss of EUR1.5 million in the same period last year.

Net financial position is EUR8.0 million from EUR18.5 million a year earlier, after repaying EUR1.9 million of loans maturing in the year and investing EUR1.3 million in fixed assets.

"The management data show a phase of recovery in the tourism sector, with an increase in sales both with regard to Italian winter destinations and sales inherent in most foreign destinations in the non-Schengen area. In view of the continuation of socioeconomic and geopolitical criticalities, which affect the purchasing power of families, the group counts on maintaining a substantial financial balance," the press note reads.

I Grandi Viaggi on Wednesday closed up 0.7 percent at EUR0.89 per share.

By Claudia Cavaliere, Alliance News reporter

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