(Alliance News) - Acinque Spa reported Wednesday that it has approved periodic information for the first quarter, having reported a profit of EUR5.6 million, down 45 percent from EUR10.2 million as of March 31, 2022.

Ebitda was EUR22.9 million, down 18 percent from EUR27.9 million in the same period last year.

Ebit is EUR10.7 million, down 30 percent from EUR15.3 million as of March 31, 2022.

Capital expenditure is EUR11.9 million from EUR12.4 million in 2022.

Total consolidated sales revenues in the first quarter of 2023 amounted to EUR229.6 million, up from EUR218.4 million in 2022 when it was EUR218.4 million mainly due to the finalization of ecobonus and 110% superbonus energy efficiency activities, which made it possible to offset the drop in volumes related to the extraordinarily mild weather and the strong focus on consumption by customers, also required by government interventions at the end of 2022.

Net financial debt was EUR262.6 million, up from EUR241.5 million as of Dec. 31, 2022 mainly due to the finalization of the ecobonus/superbonus interventions initiated in previous years, with Leverage of 0.49, basically in line with 0.46 at the end of 2022.

Looking to the future, "the group believes it will maintain positive results for 2023 as well, albeit down from 2022, which had benefited from particularly impactful revenues such as, for example, the recognition of the so-called legacy items in the water sector," the company writes in a note.

Acinque trades down 3.8 percent at EUR2.04 per share.

By Claudia Cavaliere, Alliance News reporter

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