AbitareIn – a listed company specializing in residential development in Milan – has communicated the financial results for the 1st half of 2023/2024 (the company closes the financial year at the end of September).
The company ended the reporting period with revenues for 34,02 million euros, a sharp decrease compared to the 76,69 million obtained in the first six months of the last financial year, which had been substantially influenced by the deliveries of the apartments of three projects and the conclusion of the via Cadolini operation. The Operating income was equal to 5,55 million euros, compared to 27,15 million in the 1st half of the 2022/2023 financial year. L'Net income (excluding the share of third parties) fell from 22,27 million to 1,08 million euros.
"This year's half-yearly results are still strongly influenced by the now systematic lengthening of title release times authorizations. The building block in the Municipality of Milan is affecting the entire sector and its supply chain", underlines the president Luigi Gozzini. "Our company alone currently has 5 projects, which total more than 700 apartments, for which the preliminary investigation phase has already been completed, which are waiting to receive the title authorization and for which, given the uncertainty of the timing, we have suspended marketing, despite the continuous increase in demand, driven by the general absence of new products". "Even the 2024 results – adds the CEO Marco Grillo, will inevitably be influenced by this peculiar situation, which we hope can be defined as soon as possible."
The company also announced the expansion of its business model, through partnerships with other operators, within which AbitareIn makes its technological platform and marketing skills available. At the moment, there are two projects on which AbitareIn is operational as a service provider for third parties, one in Milan and one in Rome.
