(Alliance News) - B&C Speakers Spa reported Tuesday that it made a group profit of EUR3.3 million in the first quarter from EUR4.0 million, down 17 percent.

Consolidated revenues amounted to EUR23.85 million down 1.5 percent to EUR24.2 million as of March 31, 2023.

Consolidated Ebitda is EUR5.0 million, down 20% from EUR7.3 million in the first quarter of 2023.

Ebit for the first three months of 2024 is EUR3.3 million, down 24 percent from the same period in 2023 when it was EUR5.8 million.

Group Net Financial Position is positive and equal to EUR3.7 million, from a negative NFP and equal to EUR650,000 at the end of FY2023. The improvement in NFP, the company explains in a note, is due to significant cash generation during the period - EUR5.3 million of cash generation from operating activities - which increased net cash and cash equivalents despite the repayment of outstanding loan installments.

B&C Speakers gives up 0.6 percent to EUR16.70 per share.

By Chiara Bruschi, Alliance News reporter

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