(Alliance News) - Aquafil Spa reported Thursday that it closed 2023 with a loss of EUR25.8 million from a profit of EUR29.2 million as of Dec. 31, 2022.

Revenues in the period stood at EUR571.8 million, down 16 percent from EUR684.1 million in 2022.

Ebitda in the period stood at EUR47.5 million with a margin of 8.3 percent from 13.5 percent in 2022.

Ebit as of December 31 was negative EUR8.9 million.

Group net financial position is EUR248.5 million from ERU247.9 million as of Dec. 31, 2022.

The company said it has appointed Giulia Rossi as investor relator.

"FY2023 has developed against a backdrop of high volatility in the reference market. The trends anticipated during the presentation of the company's objectives last November have been confirmed by the group's consolidated figures. Overall, the year just ended showed a modest reduction in volumes compared to the previous year, but with different trends among the different product lines. In EMEA, demand in the fourth quarter was higher than in the same period last year for both fibers for carpet and polymers, commented .

"As for the apparel fibers product line, the strong weakness that characterized the entire fiscal year was confirmed. In terms of quantities sold, the U.S. showed slight weakness in the markets for fibers for textile flooring and fibers for apparel. In Asia Pacific, quantities sold remained almost flat compared to 2022."

"The engineering plastics project in EMEA achieved the targets set for FY 2023, which confirms the growth expectations forecast for the next two years. Margins were significantly reduced as a result of the high unit value of inventories formed during the previous fiscal year and significantly decreased during 2023, with an effect on the year of EUR24 million. In this context, ECONYL branded products increase their impact on fiber compared to last year."

"The group confirms the announced economic-financial targets, continuing to maintain as strategic objectives actions to increase productivity and energy efficiency as well as cost reduction and debt containment."

Aquafil trades in the red by 1.3 percent at EUR3.05 per share.

By Claudia Cavaliere, Alliance News reporter

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