(Alliance News) - GEL reported that its board of directors on Monday reviewed its unaudited turnover as of September 30, which was EUR10.9 million, down 16 percent from the same period last year when it was EUR13.02 million.

The residential sector was affected by the reshaping and reduction of building renovation bonuses, registering an 8% decrease, about EUR10.4 million as of September 30 compared to about EUR11.3 million in the same period to 2022.

Continued inflationary pressure and rising interest rates have weighed on the investment decisions of industrial customers, which has caused the sector to record a sharp decline of about 72 percent.

GEL closed Thursday's session flat at EUR1.30 per share

By Maurizio Carta, Alliance News reporter

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