(Alliance News) - Ascopiave Spa announced Thursday that its board of directors approved its results for the first quarter of 2023, reporting a consolidated net profit of EUR5.6 million, halved from the profit of EUR12.0 million in the first quarter of 2022. The change is mainly due to a decrease in the results of the investee EstEnergy Spa.

Revenues amounted to EUR40.7 million up 19 percent from EUR34.1 million recorded in Q1 2022.

Ebitda is EUR20.3 million from EUR13.2 million in Q1 2022.

Ebit is EUR8.4 million from EUR2.9 million in Q1 2022.

Net financial position is EUR433.3 million from EUR411.9 million as of Dec. 31, 2022.

Ascopiave President and CEO Nicola Cecconato said, "Ascopiave closes the first quarter of 2023 with sharply improved operating margins and a net profit that was affected by the weak results of the EstEnergy investment, to which an unfavorable economic situation contributed, with high volatility in market prices and a decline in volumes of gas sold."

"The performance exhibited by the regulated activities of natural gas distribution was very positive, with growing results, also thanks to the expansion of the consolidation perimeter to the new managements acquired in April 2022 from the A2A Group. The results achieved and the solidity of the equity situation encourage us to continue on the path of development and growth outlined in our strategic plan."

Ascopiave's stock is in the red by 0.7 percent at EUR2.70 per share.

By Chiara Bruschi, Alliance News reporter

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