(Alliance News) - The board of directors of Philogen Spa on Wednesday approved the consolidated financial statements as of Dec. 31, 2023, which closed with a loss of EUR6.2 million compared to a net loss of EUR5.4 million as of Dec. 31, 2022.

Total group revenues amounted to EUR25.1 million, showing a decrease of about EUR2.2 million compared to the year ended Dec. 31, 2022.

Ebitda shows a decrease of about EUR8.2 million from a positive EUR3.0 million as of Dec. 31, 2022, to a negative EUR5.2 million as of Dec. 31, 2023, "as a result of operating costs increasing by 25 percent against revenues decreasing by 8.0 percent," the released note reads.

Ebit, calculated as the difference between Ebitda and depreciation and amortization, shows a negative balance of EUR8.8 million as of Dec. 31, 2023, compared to a positive balance of EUR240,000 as of Dec. 31, 2022.

The net financial position is positive EUR60.4 million compared to EUR70.4 million as of Dec. 31, 2022.

Philogen closed Wednesday's session flat at EUR18.00 per share

By Maurizio Carta, Alliance News reporter

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