(Alliance News) - Newlat Food Spa reported Tuesday that it closed the first quarter with a consolidated net profit of EUR5.2 million, up 25 percent from EUR4.2 million as of March 31, 2023.

Consolidated revenues for the period stood at EUR199.6 million, down slightly from EUR207.3 million in last year's first quarter.

As of March 31, consolidated adjusted Ebitda amounted to EUR18.8 million from EUR18.2 million in 2023, while consolidated Ebit stood at EUR8.5 million from EUR7.6 million.

Net financial position is negative EUR66 million improving from negative EUR74.3 million as of Dec. 31, 2023.

Chairman Angelo Mastrolia commented, "We are very pleased with the results for the first quarter of the year, which confirm our ability to generate value through improved margins and cash generation. In a very volatile market environment and despite a particularly challenging comparison base, the first three months of 2024 saw the group confirm EUR200 million in revenues and raise its profile through improved profitability."

"Operational constraints related to modernization works affecting the entire Ozzano Taro plant's oven and liquid infant formula departments have certainly penalized revenue growth, but this is a temporary effect."

"We are confident that the new investments will foster business development both in Italy and abroad, in a sector where industrial know-how plays a decisive role. The cash generated in the quarter has further reduced net debt, making the group's financial structure even more flexible and laying the groundwork for new and important steps in growth by external lines, on which Newlat is always very focused and constantly active on several fronts."

By Claudia Cavaliere, Alliance News reporter

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