(Alliance News) - Gabetti Property Solutions Spa has approved itermedi results as of March 31, 2023, reporting operating revenues of EUR26.4 million down 38 percent from EUR42.7 million in the same period last year, due to the regulatory change on tax incentives affecting Gabetti Lab's redevelopment-related revenues.

The group's gross loss amounted to EUR65,000 from a profit of EUR2.3 million in the first quarter of 2022.

Group Ebitda is EUR3.0 million down from EUR6.7 million in the first three months of 2022.

Ebit is EUR595 million from EUR4.8 million in the first quarter of 2022.

Net financial debt is EUR14.5 million from EUR12.0 million in the same period of 2022.

"The first quarter of 2023 was strongly penalized by the regulatory change inherent to the subject of redevelopment," says Fabrizio Prete, president of the Gabetti Group, "which slowed down and partly blocked the operations of Gabetti Lab for a few months with negative repercussions also on franchising and Abaco Engineering.

"The Agency and Corporate Services business unit was up compared to the previous year in terms of margins thanks to the excellent performance of Abaco growth of 49 percent and Agency salutations of 53 percent, while Patrigest was down slightly; on the other hand, the Real Estate Network Services business unit was down compared to 2022, especially Gabetti Lab as a result of the contraction in revenues related to redevelopment work. We are working on a change of strategy to reverse the trend immediately."

Gabetti Property Solutions shares closed Friday up 1.5 percent to EUR1.01 per share.

By Chiara Bruschi, Alliance News reporter

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