(Alliance News) - The board of directors of Moltiply Group Spa, formerly known as MutuiOnline Group Spa, on Wednesday approved the consolidated interim management report for the quarter ended March 31. Net income increased by 15 percent to EUR11.0 million from EUR9.5 million in the first quarter of 2023.

Revenues for the quarter ended March 31 were EUR106.3 million, up 13 percent from the same period last year.

Ebitda increased by 16 percent for the quarter ended March 31, 2024, compared to the same period last year, to EUR27.1 million from EUR23.4 million in the first quarter of 2023.

Net financial position as of March 31 showed a negative balance of EUR301.2 million, compared to a negative balance of EUR300.2 million as of Dec. 31, 2023.

"This performance is attributable to the increase in net working capital, which in the quarter absorbed the cash generated by operating activities," the released note reads.

Moltiply Group on Wednesday trades in the green by 1.8 percent at EUR36.75 per share.

By Maurizio Carta, Alliance News reporter

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