Fri, Jun 7, 8:52 PM (92 days ago)
Ilustrato Pictures International, Inc. reported a significant increase in revenue for Q1 2024, totaling $4,185,987 compared to $1,652,161 in Q1 2023. Despite this, the company incurred a net loss of $1,951,939, up from a $1,200,585 loss in the same period last year, driven by increased operational spending to support growth. The Emergency Response Division saw a 33.5% decrease in revenue to $1,099,000, while the Industrial & Manufacturing Division, bolstered by the acquisition of Al Shola Gas, reported $3,086,519 in revenue. Operating expenses rose to $2,966,148 from $1,236,099, primarily due to administrative and operational costs of subsidiaries QIND and SAML. Cash flow from operations was negative at $2,009,067, reflecting a decrease from $43,231,133 in Q1 2023. The company’s total assets increased to $79,809,667 from $62,487,166 at the end of 2023, with a positive working capital of $11,744,228. The report also highlighted ongoing legal proceedings and the need for additional capital to sustain operations.