(Alliance News) - LU-VE Spa reported Monday that it made a profit of EUR11.0 million in the first quarter of the year, up from EUR6.8 million in the first three months of 2023.

Revenues amounted to EUR141.9 million, down 6.3 percent, compared to the first quarter of 2023 when they were EUR151.4 million.

Ebitda was EUR19.6 million from the EUR19.2 million recorded in the first three months of the year.

Net financial position was negative EUR137.1 million from negative EUR126.3 million as of Dec. 31 and EUR161.4 million as of March 31, 2023.

Also during the meeting, the board of directors and those of the two wholly owned

subsidiaries, Sest Spa and Air Hex Alonte Srl, which operate in the design, production and marketing of heat exchangers, approved the joint plan for the merger by incorporation of Sest and AHA into LU-VE.

The merger will allow "to optimize internal processes, contain costs and simplify the structure of the shareholding chain, ensuring greater efficiency and operational effectiveness from an economic, management and financial point of view," the company specified in a note.

LU-VE trades up 0.9 percent at EUR23.30 per share.

By Chiara Bruschi, Alliance News reporter

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