(Alliance News) - The board of directors of RCS MediaGroup Spa on Friday approved the results as of March 31, 2023 reporting a loss of EUR1.8 million worsening from the loss of EUR700,000 recorded in the first quarter of 2022.

Revenues amounted to EUR179.1 million from EUR183.6 million in Q1 2022.

Ebitda was EUR10.6 million from EUR12.3 million in the same period of 2022. The performance in the first quarter of 2023 is still affected by the increase in raw material prices, especially the cost of paper. The company also points out that it has a seasonal business trend that normally penalizes the results of the first and third quarters of the year.

Ebit is negative EUR2.6 million from a breakeven operating income.

As of March 31, 2023, the net financial position is negative EUR28.5 million, an improvement of EUR3.1 million from December 31, 2022, when it was negative EUR31.6 million. The change is mainly driven by the positive contribution from typical operations, partially offset by outlays for investments and, to a lesser extent, for nonrecurring expenses for the period.

Total net financial debt, which also includes financial debt for leases under IFRS 16, mainly real estate leases, totaling EUR137.8 million as of March 31, 2023, amounted to EUR166.3 million, down EUR8.1 million from the figure as of December 31, 2022 when it was EUR174.4 million.

RCS MediaGroup trades in the red by 1.5 percent at EUR0.80 per share.

By Chiara Bruschi, Alliance News reporter

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