(Alliance News) - Italgas Spa reported Tuesday that it closed the first quarter with revenues down but profits up year-on-year.

The company's revenues fell 10 percent to EUR431.3 million from EUR479.9 million in the same period a year earlier, with transmission revenues up to EUR383.8 million, other regulated gas distribution revenues changed little, to EUR19.7 million from EUR19.3 million, while miscellaneous revenues plummeted to EUR27.8 million from EUR117.1 million.

Ebitda rose to EUR325.7 million from EUR297.2 million, with depreciation and amortization increasing slightly to EUR133.0 million from EUR124.7 million, while operating income increased to EUR192.7 million from EUR172.5 million.

Pre-tax income improved to EUR170.5 million from EUR153.0 million while net income increased to EUR125.3 million from EUR111.9 million.

Gross financial and bond liabilities as of March 31, 2024, amounted to EUR7.20 billion from EUR6.92 billion as of December 31, 2023, and related to bonds of EUR5.24 billion, European Investment Bank/EIB funding contracts of EUR894.0 million, bank borrowings of EUR966.9 million and IFRS 16 liabilities of EUR94.2 million.

Paolo Gallo, chief executive officer of Italgas, commented, "The results achieved in this first quarter allow Italgas to also inaugurate 2024 under the banner of solidity. Economic-financial indicators showed excellent growth, in many cases double-digit. Among the key results, Ebitda reported a 9.6 percent increase to EUR325.7 million, and group net income came close to EUR120 million, putting it 14 percent higher than in the first quarter of last year. More than EUR160 million has already been invested, providing further impetus to the development and digital transformation of networks and facilities, in Italy and Greece, in support of the ecological transition to net zero."

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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