(Alliance News) - Mondo TV Spa reported Tuesday that it closed the first nine months with a net profit of EUR1.1 million, down from EUR6.6 million in the same period last year.

Revenues fell to EUR5.7 million from EUR28.2 million and costs dropped to EUR3.5 million from EUR9.4 million.

Ebitda plummeted to EUR3.2 million from EUR20.8 million, operating income was negative EUR240,000 from the positive EUR6.8 million figure a year earlier, and pretax profit fell to EUR2.3 million from EUR9.2 million.

Net financial position went from net debt of about EUR12.2 million as of Dec. 31, 2022, to net debt of EUR6.7 million as of Sept. 30 this year, due mainly to the exit of Mondo TV Studios from the scope in exchange for shares in Squirrel Media.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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