(Alliance News) - Cairo Communication Spa reported Tuesday that it closed the first quarter of the year with a loss of EUR2.0 million, an improvement from a loss of EUR3.0 million in the same period of 2023.

Consolidated revenues are EUR244.3 million down from EUR256.2 million as of March 31, 2023.

Ebitda rises to EUR16.1 million from EUR13.6 million in the same period last year.

Ebit is negative EUR2.8 million from negative EUR6.8 million in Q1 2023.

Net nonrecurring expenses are negative EUR100,000 from the negative figure of EUR400,000 a year earlier. "The group has a seasonal business trend that normally penalizes the results of the first and third quarters of the year," the company specified in a note.

Consolidated net financial position as of March 31, 2024, was approximately EUR13.8 million, which compares with net debt of EUR4.8 million at the end of 2023.

As for the future, the group believes it is possible to confirm the goal of "achieving strongly positive Ebitda margins in 2024, up from those achieved in 2023, and to continue with further cash generation from operations."

Cairo Communication's stock rises 1.0 percent to EUR2.54 per share.

By Chiara Bruschi, Alliance News reporter

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