Gabetti, negative 9-month gross result of 5 million euros after regulatory changes

Gabetti negative 9 month gross result of 5 million euros after

(Finance) – Gabetti Property Solutionsa company listed on Euronext Milan and full service Italian real estate provider, announced that i operating revenues al September 30th 2024 amount to 79.5 million euros, a reduction of 32% compared to 117.2 million euros in the same period of the previous financial year.

Following the greater write-downs of the receivables on Gabetti Lab and relating to the reporting activity of the redevelopment works as a result of law 67 of 23 May 2024 which blocked the possibility of developing the majority of these redevelopment interventions, theEBIT was equal to -4.2 million euros, compared to 4.2 million on 30 September 2023.

The gross result is -5 million euros (already considered third-party losses of 3.9 million), compared to 1.6 million euros in the same period of the previous financial year, penalized by 2 million euros by the regulatory changes on the transfer of tax credits in the redevelopment field.

“The contraction in revenues has led to a decrease in EBITDA. In the Agency and Corporate Services line, Gabetti Agency and Patrigest have seen a reduction, while Abaco is improving with an EBITDA growing by 18% equal to 3 million euros – he comments theCEO Roberto Busso – The Real Estate Network Services line slows down due to the regulatory changes which have effectively blocked Gabetti Lab’s contractor activity, not yet compensated by the new business started in the third quarter”.

THE’net financial debt effective is equal to 13 million euros, a reduction of 76% compared to the 54.4 million euros from 31 December 2023.

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