(Alliance News) - GEL Spa reported Monday that its board of directors reviewed turnover as of March 31, which was EUR3.9 million, down 23 percent from the same period last year, which was EUR5.12 million.

The residential sector was affected by the reshaping and reduction of building renovation bonuses, recording an 11 percent drop to about EUR3.8 million as of March 31 compared to about EUR4.3 million in the same period to 2022.

"The sharp rise in inflation and the increase in interest rates weighed on the investment decisions of industrial customers leading to the postponement of some orders," the company explained in a note.

This situation has caused the industrial sector to drop sharply with a decrease of about 80 percent to about EUR150,000 as of March 31 compared to EUR860,000 in the same period 2022.

On Monday, GEL closed in the green by 3.9 percent at EUR1.60 per share.

By Claudia Cavaliere, Alliance News reporter

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