(Alliance News) - The board of directors of Tamburi Investment Partners Spa on Wednesday approved its consolidated interim report as of March 31, showing a pro forma consolidated net profit of EUR29.4 million, up more than 50 percent from EUR19.6 million as of March 31, 2023. Net of realized capital gains of EUR21.6 million on investments and equities during the period, the profit amounted to EUR8.0 million.

"The excellent result for the quarter," the company said in a note, "is essentially attributable to the further good contribution to the results from associated companies, among which the very positive contribution from OVS referring to the period November 2023-January 2024, more than doubled compared to the same period of the previous year, should be particularly noted, as well as the capital gains realized on the completion of the divestment from Prysmian.

Revenues amounted to EUR390,931 from EUR327,212 in the first quarter of the year.

Operating income is negative EUR7.5 million from the negative figure of EUR5.0 million as of March 31, 2023.

Consolidated shareholders' equity as of March 31, 2024 is approximately EUR1.48 billion, compared to EUR1.44 billion as of December 31, 2023.

TIP Group's consolidated net financial position as of March 31, 2024, without considering non-current financial assets deemed from a management perspective to be usable short-term liquidity, was negative approximately EUR378 million, significantly lower than the approximately EUR409 million as of December 31, 2023.

Tamburi Investment Partners' stock closed Wednesday up 1.1 percent at EUR9.49 per share.

By Chiara Bruschi, Alliance News reporter

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