(Alliance News) - Centrale del Latte d'Italia Spa reported Friday that it closed the first quarter with a slightly higher year-on-year net profit to EUR1.6 million from EUR1.5 million.

Revenues rose to EUR81.8 million or 15 percent from EUR71.3 million a year earlier. In detail, Milk products revenues rose to EUR67.5 million from EUR59.5 million, Diary products revenues increased to EUR11.2 million from EUR9.1 million while Other products revenues rose to EUR3.2 million from EUR2.8 million.

Ebitda grew 17 percent to EUR7.4 million from EUR6.3 million, with the margin increasing slightly to 9 percent year-on-year.

Operating income rose to EUR3.1 million from EUR2.5 million, and pretax profit improved to EUR2.3 million from EUR2.1 million.

Net debt improved to minus EUR56.1 million from minus EUR58.7 million as of December 31, 2022 due to the company's ability to generate cash from operations during the first quarter.

"The results obtained by the company show, once again, how the difficulties recorded in previous years have been largely overcome also thanks to the synergies created by joining the Newlat group, improving profitability and cash flows. The comparison with the business plan shows a very positive trend, beyond expectations, which bodes well for the end of the year."

Centrale del Latte d'Italia shares are up 0.8 percent at EUR2.52 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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