(Alliance News) - The board of directors of Rai Way Spa reviewed and approved the interim report for the nine months ended September 30, which closed with a net profit of EUR69.8 million, up 24 percent from the nine months 2022 figure, when it was EUR56.3 million.

As of Sept. 30, revenues were EUR204.1 million, up 11 percent from EUR184.4 million in the nine months 2022. Revenues attributable to RAI rose to EUR172.6 million.

Adjusted Ebitda is EUR138.4 million, up 20 percent from EUR115.7 million in the nine months 2022, "as a result of higher revenues and lower costs following the significant drop in electricity tariffs," the released note said.

Operating income amounted to EUR100.5 million, up 26 percent from EUR79.8 million in the nine months 2022, "also benefiting from the full depreciation of DVB-T equipment that more than offset the effects of sustained investment activity," the company note read.

Roberto Cecatto, chief executive officer of Rai Way, commented, "The performance in the third quarter confirmed the significant growth in economic and financial results, fueled by indexing to inflation, the contribution of growth initiatives such as the new regional networks, careful cost control, and the partial normalization of electricity prices."

In light of the results for the first nine months, the company updates its targets for fiscal year 2023. Specifically, it expects adjusted Ebitda growth to be higher than the estimates communicated last July and now expected at a high-teens rate, based on current electricity price forecasts for 2023.

It also expects maintenance investments in line with the previous year and expected development investments now lower than in 2022 with a different RAI-tertiary mix.

Rai Way on Tuesday trades in the green by 2.1 percent at EUR4.85 per share

By Maurizio Carta, Alliance News reporter

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