(Alliance News) - I Grandi Viaggi Spa reported Wednesday that revenues for the first quarter, which runs from Nov. 1, 2022 to Jan. 31, 2023, rose to EUR7.1 million from EUR3.9 million in the same period last year.

Ebitda is negative EUR340,000 from the negative figure of EUR710,000 a year earlier while operating loss is reduced to EUR750,000 from EUR1.8 million operating liability in the first quarter of fiscal year 2021-2022.

Sales of stays at foreign-owned facilities, particularly in Kenya and Zanzibar, and of organized trips to foreign destinations, particularly the U.S., Central and South America, the Orient, and Japan, resumed after the end of the Covid emergency.

The net loss increased to EUR1.3 million from EUR1.9 million.

As of January 31, 2023, the group's liquidity amounts to EUR7.9 million and the Net short-term financial position is positive at EUR6.1 million while IGV's overall net financial position is positive at EUR14.8 million, including the invested value of EUR12 million, to protect and better manage the group's liquidity. Compared to January 31, 2022, IGV's NFP has decreased by EUR570,000.

"The group has developed major marketing and advertising campaigns to promote as much as possible the sales in the summer season, both of Italian and foreign proprietary products, paying, as well, great attention to the travel offers in the catalog, to non-European destinations, both marketed and inherent to the tour operator sector," the company explained.

To date, sales total EUR19.3 million, of which 70 percent related to proprietary Italian and foreign products and 30 percent to marketed and tour operator products.

"The winter sales trend shows a strengthening of the recovery in the tourism sector, and as far as sales for the upcoming summer season are concerned, there is a good interest in both Italian and foreign owned facilities by customers with an improved performance compared to the same period of the previous year."

I Grandi Viaggi's stock is down 0.7 percent at EUR0.85 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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