(Alliance News) - The board of directors of Class Editori Spa on Tuesday evening approved additional consolidated periodic information as of Sept. 30, a perid ended with a positive consolidated group net income of EUR360,000, an improvement over the loss of EUR4.10 million as of Sept. 30, 2022.

Total revenues for the first nine months of 2023 amounted to EUR60.5 million, up EUR6.3 million from the figure as of September 30, 2022.

"The improvement in operating activities is mainly attributable to the development of digital revenues, the positive performance of advertising sales of Telesia's new TV channel UpTv, and the activities of Gambero Rosso," the company's note reads.

EBITDA at the consolidated level is positive at EUR9.2 million compared to EUR5.0 million as of Sept. 30, 2022.

Looking to the future, "the publishing house believes that it is possible to confirm the objective of achieving better profitability levels in 2023 than in 2022 and in line with the overall objectives of the Implementation Agreement signed with the Credit Institutions. Negative developments in the general situation of the economy, political scenario and reference sectors could, however, affect the full achievement of these objectives."

The actual Net Financial Position shown in the financial statements presents a negative balance of EUR33.25 million as of September 30, 2023 compared to EUR23.99 million as of December 31, 2022. As of September 30, 2022, the actual NFP was negative EUR84.25 million.

Class Editori closed Tuesday's session in the red by 0.7 percent at EUR0.056 per share.

By Maurizio Carta, Alliance News reporter

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