(Alliance News) - Gabetti Property Solutions Spa reported Ebitda from the services business fell to EUR11.7 million in the nine months from EUR21.6 million in the same period a year earlier.

In the third quarter alone, the figure marks an increase to EUR4.6 million from EUR4.1 million a year earlier. The growth of the Real Estate Network Services segment with an Ebitda of EUR5.3 million compared to EUR3.3 million - "thanks to the excellent third quarter of Gabetti Lab," the soceity said - offset the lower performance of the Agency and Corporate Service segment of negative EUR500,000 compared to positive EUR800,000 in 2022, which was weighed down by lower Gabetti Agency revenues.

Gabetti Lab's revenue volume in the third quarter was very significant, achieving EUR40.9 million in revenue compared to EUR9 million in revenue in the same quarter of 2022.

Overall, the group's operating revenues as of September 30 amounted to EUR117.2 million, down 7 percent from the same period last year. Third-quarter revenues were EUR56.4 million, up 102% from EUR27.9 million in the third quarter of 2022, mainly due to the significant recovery of Gabetti Lab, which is bringing its contractor business up to speed.

Group Ebit was EUR4.2 million, lower than September 30, 2022, when it was EUR14.3 million. There was a reduction in bad debt write-downs of EUR4.6 million compared to EUR5.1 million in 2022, particularly on Gabetti Lab and franchising. As of Sept. 30, there were also provisions for risks and charges of EUR650,000.

As of September 30, the Gabetti Group's gross result was negative EUR1.6 million, lower than the positive figure of EUR9.2 million as of September 30, 2022; the first nine months of this year were severely penalized by the regulatory change inherent in the issue of redevelopment, which slowed down and partly halted Gabetti Lab's operations for some months with negative repercussions on franchising as well.

The Gabetti Group's net book financial debt as of September 30 amounted to EUR41.4 million, comprising EUR30.1 million of current financial debt and EUR27.6 million of noncurrent debt net of EUR21.9 million of cash, in addition to EUR5.6 million of financial debt related to outstanding operating lease contracts.

Gabetti Property Solutions shares closed Monday in the green 1.3 percent to EUR0.68 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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