(Alliance News) - Risanamento Spa reported Monday that it closed 2023 with a net profit of EUR10.6 million, which compares with a loss of EUR53.9 million in the previous year.

Revenues rose to EUR595.6 million from EUR370 million while production value rose to EUR57.1 million from EUR2.5 million.

Operating income is EUR7.2 million from liabilities of EUR42.1 million while operating income before depreciation and amortization plus or minus is EUR29.9 million and compares with a loss of EUR40.2 million in the previous year.

Net financial position is positive EUR50.2 million from the negative figure of EUR567.4 million as of Dec. 31, 2022 while real estate assets fall to EUR102.3 million from EUR647.2 million. Shareholders' equity rises to EUR52.6 million from EUR42.0 million.

As far as the outlook for the year 2024 is concerned, Risanamento's and the group's activities for the year 2024 will be aimed at enhancing the value of the real estate properties in its portfolio together with its own activities related to the development of the real estate initiative in Milano Santa Giulia, as stated by the company.

Specifically, downstream of the approval of the variant by the City of Milan, the signing of the related Urban Planning Agreement and the final agreements signed as part of the Project Starfighter transaction with Lendlease and the banking institutions, from an operational point of view, the activities of reclamation of the areas as well as those aimed at the realization of the urbanization works necessary for the opening of the Arena continue and will continue.

"In light of this, the 2024 financial year is expected to record - in the absence of extraordinary events - a negative result but still consistent with that of the 2023 financial year without obviously taking into account on the one hand the positive effects arising from the Project Starfighter transaction and related items of an extraordinary nature - quantifiable in total at EUR30 million - and on the other hand the negative effects arising from the financial charges recorded in the first half of 2023, amounting to EUR7 million, which will not be incurred as a result of the total debt relief that took place," the company said.

Risanamento's stock closed Monday up 0.3 percent at EUR0.031 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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