(Alliance News) - Rai Way Spa reported Friday that it closed the first quarter with a net profit of EUR23.8 million from EUR23.5 million in the year-earlier first quarter.

Core revenues amounted to EUR68.9 million from EUR67.8 million in the first quarter of 2023.

Ebitda is EUR46.7 million from EUR44.4 million as of March 31, 2023.

Ebit was EUR34.9 million from EUR33.4 million in the first quarter of the previous year.

Net financial debt was EUR90.6 million compared to EUR104.9 million recorded as of Dec. 31, 2023.

The reduction in debt was driven by recurring cash generation of EUR32.6 million from EUR31.0 million in the

first quarter 2023, which is typically high in the first quarter.

In light of the results of the first three months, the company confirms its targets for fiscal 2024, which include, in particular, growth in adjusted Ebitda albeit with the start-up costs of diversification initiatives and the waning of incentives on energy tariffs, maintenance investments higher than in the previous year, and development investments substantially in line with 2023.

Rai Way's stock trades up 0.6 percent at EUR5.43 per share.

By Chiara Bruschi, Alliance News reporter

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