(Alliance News) - Neodecortech Spa reported Thursday that it closed the first quarter with revenues of EUR43.1 million, down from EUR46.5 million in the same period last year.

During the first three months, there was demand that, although, in line with expectations, continued to be affected by a generalized decline in demand in the furniture sector, accompanied by lower unit prices compared to the first quarter of 2023.

At the consolidated level, the reduction in revenues is mainly related to the declining price effect of both the product lines related to Neodecortech and Cartiere di Guarcino Spa. Still at the consolidated level, however, there was a positive contribution due to the increase in sales volumes and the mix of product types that came.

Ebitda fell to EUR3.3 million from EUR3.7 million, with the margin dropping to 7.8 percent from 8.0 percent, while Ebit declined to EUR1.2 million from EUR1.5 million, accounting for 2.7 percent of sales.

Net income halved to EUR600,000 from EUR1.2 million. The latter, however, included the positive tax effect of energy and gas credits.

Net financial debt as of March 31 was EUR37.5 million from EUR38.6 million as of March 31, 2023 after incurring investments of EUR1.8 million and not yet having monetized credits related to the maximization mechanism and "Minimum Guaranteed Prices" of Bio Energia Guarcino Srl for EUR13.3 million.

Neodecortech's stock closed Thursday up 3.9 percent to EUR2.91 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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