(Alliance News) - The board of directors of GO internet Spa on Tuesday approved the draft financial statements as of December 31, 2022, which closed with a loss for the year of EUR2.9 million and shows an improvement over 2021, when it was EUR4.3 million.

Total revenues for fiscal year 2022 stood at EUR9.9 million with an 8 percent growth compared to fiscal year 2021, when it was EUR9.2 million. It should be noted that revenues have returned to growth, both due to revenues from the acquisition of XStream, but also by virtue of organic growth on the business segment strong from a renewed commercial segment.

Ebitda for fiscal year 2022 stands at EUR600,000, a triple digit growth of 411 percent compared to 2021, when it stood at EUR100,000.

"This growth was affected by both the general cost optimization and the refocusing of the customer target as highlighted above by the revenue trend," the company note reads.

Ebit for fiscal year 2022 came in at minus EUR2.6 million from EUR4.3 million, impacted by depreciation and amortization of the parent company's assets following the gradual decommissioning of radio network infrastructure as OpNet commissioned new alternative infrastructure.

The net financial position amounted to EUR7.9 million and improved from EUR8.9 million as of Dec. 31, 2021, "due to the steady repayment of debts to financial institutions and leasing companies," the company note specifies.

GO internet Tuesday trades in the green by 0.9 percent at EUR0.11 per share.

By Maurizio Carta, Alliance News reporter

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