(Alliance News) - ENAV Spa reported Tuesday that it closed the first quarter with a loss of EUR13.8 million an improvement from a loss of EUR21.8 million in the first quarter of 2023.

Revenues amounted to EUR193.6 million up 9.5 percent from the first quarter of 2023, when they amounted to EUR176.8 million, mainly due to air traffic performance and the related increase in revenue from operations.

Ebitda is up 70 percent to EUR16.5 million from EUR9.7 million in the first quarter of the previous year.

Ebit was negative EUR10.3 million from negative EUR19.9 million in the first quarter of 2023.

Net financial debt as of March 31 showed a balance of EUR300.6 million, an improvement of EUR21.7 million from the figure recorded as of Dec. 31.

In view of the results achieved in the first quarter, the company confirmed the outlook for 2024 communicated in the draft 2023 budget.

ENAV's share price falls 0.3 percent to EUR4.06 per share.

By Chiara Bruschi, Alliance News reporter

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