The group Cir closed the first 3 months of the year with a loss of 2,6 million compared to a profit of 6,4 million recorded in the first quarter of 2013. Revenues amounted to 1069,7 million, down by 13,8% on 2013, Ebitda in turn fell to 72,2 million (107,2 million in 2013st quarter XNUMX) penalized by the decline in Sorgenia's margins.
The energy subsidiary Sorgenia in fact, it closed the first quarter of 2014 with a net loss of 14,6 million euros, an increase compared to the loss of 8,7 million in the first quarter of 2013. Revenues decreased by 25,4% to 475,5 million . This is always learned from the press release on the accounts for the first three months released by the parent company Cir.
Sorgenia's Ebitda fell to 23,9 million from 48,5 million in the first quarter of 2013, which was characterized by the significant but non-recurring contribution of some dispatching services which were not repeated in the first quarter of 2014. , underlines the press release, "is in any case substantially in line with the provisions in the budget and therefore in the industrial plan of Sorgenia".
Sorgenia's net financial debt at March 31, 2014 was equal to 1,853 billion compared to 1,799 billion at the end of 2013, "due to the effect of the increase in working capital due to the reduction in factoring and securitization programmes".
The president of Cir, Rodolfo De Benedetti, also intervened on the umpteenth disappointing performance of the subsidiary: “Theinvestment in Sorgenia was a failure, but we are not discouraged and are determined to start again: Cir is solid and has valuable companies in its portfolio. All the other main subsidiaries of the group, in fact, closed 2013 with a profit”.
At the time of publication of the accounts, Cir shares were losing 0,46% on the Stock Exchange 1,091 euro.
