(Alliance News) - The board of directors of Casasold Spa on Friday evening approved the consolidated management KPIs for the fourth quarter of 2022. As of Dec. 31, 2022, 25 apartments generated revenues of about EUR1.8 million, down 28 percent from EUR2.5 million recorded as of Dec. 31, 2021.

The group, the company explained in a note, as previously communicated, "is experiencing a slowdown in its business related to building renovations and is recording a significant decline in revenues and margins in 2022."

In addition to the 25 apartments subject to revenue, there were ten apartments in the portfolio as of December 31, 2022. During the fourth quarter, only one job order was acquired, and transactions related to five apartments were concluded.

Net financial position as of Dec. 31 amounted to EUR595,000 from EUR786,000 as of Sept. 30, 2022. The change, the company explains, is mainly attributable to cash absorption brought about by increased costs and the general freeze on the sale of tax receivables; the group has no outstanding receivables; all debts have been repaid when due.

Casasold on Friday closed in the green by 0.7 percent at EUR0.83 per share.

By Chiara Bruschi, Alliance News reporter

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