(Alliance News) - Bastogi Spa reported Friday that it closed 2023 with a net profit of EUR2.9 million, which compares with the previous year's figure of EUR32.4 million.

Italy's oldest company still in business posted an EBITDA of EUR16.5 million from EUR54.5 million a year earlier.

Financial operations recorded a liability of EUR7.8 million compared to the positive figure of EUR6.3 million as of December 31, 2022. The deterioration is mainly attributable to the recognition in the previous year of some income on derivative financial instruments. On the other hand, the increase in interest rates during the year was substantially neutralized by the reduction in financial exposure that took place as of August 2022.

Net financial position as of December 31, 2023 was EUR120.9 million compared to EUR126.5 million as of December 31, 2022. Real estate assets-excluding capital properties-represented only by investment properties and commodity properties show substantial stability compared to the previous year, from a market value of EUR345 million as of December 31, 2022-a book value of EUR209 million-to EUR346 million as of December 31, 2023, with a book value of EUR207 million.

The board decided to propose a dividend of EUR0.0045, halved from EUR0.009 a year earlier. The dividend will be paid on July 24, with ex-dividend date on the 22nd and record date on the 23rd.

Bastogi's stock closed Friday down 2.9 percent at EUR0.37 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.