(Alliance News) - Cellularline Spa reported Wednesday that it closed the first quarter of the year with a loss of EUR1.3 million from one for EUR1.0 million as of March 31, 2023.

Sales revenues in the period stood at EUR31.8 million from EUR30.2 million in 2023.

Adjusted Ebitda as of March 31 was EUR1.2 million from EUR500,000 in the same period last year.

Net financial debt was EUR31.4 million from EUR35.4 million as of Dec. 31, 2023.

Marco Cagnetta, board member and general manager sales and marketing of the Cellularline group, commented, "The distribution expansion actions undertaken at some specific countries and channels and the implementation of innovative commercial strategies with the main retail partners in the market, have allowed us to continue revenue growth in the first three months of 2024. Despite the challenges of a complex macroeconomic environment, we remain firmly focused on the development of our group, continuing to act proactively on our core business to consolidate the new opportunities generated."

Cellularline on Wednesday closed in the green 1.8 percent to EUR2.82 per share.

By Claudia Cavaliere, Alliance News reporter

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