(Alliance News) - Masi Agricola Spa reported Friday that revenues for the first nine months fell to EUR47.7 million from EUR56.0 million in the same period last year.

In addition to the fact that revenues for the first nine months of 2022 had received a strong boost after the pandemic, according to the company, the rising cost of money and an increased focus on spending by consumers is leading the network-customers to drastically reduce stock coverages, especially overseas, with particular reference to the Canadian monopoly markets.

These factors have thus generated an exceptional and largely non-recurring turnaround in Masi's consolidated revenues. Considering the incomparability of the Covid-19 period - 2020 and 2021 - and the uniqueness of fiscal year 2022, the comparison of sales in the first nine months of 2019, at EUR45.6 million, with the figure recorded in the first nine months of this year, highlights a 5 percent growth. This is the second best performance since listing at the EGM to date with reference to the first nine months.

Ebitda, on the other hand, fell to EUR5.8 million from EUR11.4 million.

Net debt, on the other hand, increased to EUR25.5 million from EUR7.7 million at the end of 2022. This was mainly due to the increase in closing inventories resulting from Top Wines' procurement needs, also in the presence of particularly significant vintages and in view of expectations of a critical and deficit harvest.

Masi Agricola's stock is down 0.2 percent at EUR4.69 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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