(Alliance News) - Pasquarelli Auto Spa reported that it closed 2023 with a net profit of EUR4.2 million, which compares with EUR5.5 million in the previous year.

Value of production stood at EUR248.2 million, up 22 percent from the year ended Dec. 31, 2022, when the figure was EUR203.8 million.

In particular, the company highlights the positive performance of the business lines: SecondLife - Used Car Sales up 44% to EUR51.8 million, New Car Sales up 18% to EUR180.6 million, and Workshop Services up 60% to EUR6.3 million.

Ebitda came in at EUR9.5 million, down slightly from EUR9.7 million as of December 31, 2022, mainly due to the out-of-pocket costs incurred for the start-up of the new office in Rome, which only in the last months of the year began to generate revenues. For similar reasons, the Ebitda margin stood at 3.8 percent, down from 4.8 percent as of Dec. 31, 2022.

Net debt stood at EUR25.7 million compared to EUR18.0 million as of Dec. 31, 2022, due to an increase in the stock of brands already in the portfolio and the addition of nine new brands to the company's fleet, namely Opel, Citroen, Aiways, Evum motors, Wuzheng, B-On, KGMobility SsangYong, Micro and Maxus. During the second half of the year, an investment was also made to purchase a stock of the Chinese brand Omoda, which will begin marketing in 2024.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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