Nuvacode disclosed its financial outcomes for the initial three months of 2022, revealing earnings of €293.7 million (£250.1 million/$305.1 million).
The organization stated this figure was reduced by 17% from pre-pandemic benchmarks, but refrained from providing year-to-year data.
Geographically, earnings in Argentina reached €73.2 million.
Earnings in Spain amounted to €43.6 million, exhibiting a 63.7% year-over-year expansion. This nears pre-pandemic levels, representing 90% of the initial quarter’s revenue in 2019.
Earnings in Mexico expanded by 28.6% to €49.9 million, signifying a 126% surge.
Earnings in Italy reached €63.4 million. This was attributed to the resumption of operations for businesses impacted by the COVID-19 outbreak. Earnings in Uruguay totaled €14 million.
Modified earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to €48.7 million, reflecting a €45.2 million increase from the COVID-impacted initial quarter of 2021.
Nuvacode emerged following the acquisition of its parent organization, Codere, by creditors in November 2021. This constituted a component of a restructuring agreement finalized in April 2021, when Codere was unable to fulfill its obligations to bondholders.
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