(Alliance News) - Bialetti Industrie Spa reported Thursday evening that it made a loss of EUR3.1 million in the first half of the year, worsening from the negative result of EUR2.0 million recorded in the first half of 2022. The increase in the loss, the company specified in a note, was mainly due to the increase in financial charges related to the rise in interest rates. Thus, "financial expenses in the first half of the year amounted to EUR9.7 million, compared to EUR8.1 million in the first half of 2022, an increase mainly related to the increase in the variable interest rate related to the bond loan."

Half-year revenues of EUR63.3 million were up 5.7 percent from EUR60.0 million or so in the same period last year. The increase in revenues, the company points out, is mainly due to the coffee world and in particular to sales of ground coffee and in aluminum capsules in Italy compared to the first half of 2022, to foreign development also through the opening of commercial branches - it should be noted that Bialetti Japan was established on January 5 and that in 2023 the Turkish branch is active in the marketing in the local market of the group's coffee world products - and to the recovery of the Italian market following the pandemic, especially with reference to the retail channel.

Ebitda amounted to EUR12.0 million, an improvement from EUR11.4 million in the first half of 2022.

Ebit is EUR5.7 million, which compares with EUR5.1 million for the same period in 2022.

Net financial debt is EUR85.6 million from EUR80.0 million as of December 31, 2022.

As for the future, although within a macroeconomic context subject to high volatility, particularly with regard to raw material procurement costs and supplies related to energy and interest rates, "management evidence shows encouraging signs with regard to the trend in sales and profitability, substantially in line with the group's strategic objectives," the statement said.

CEO Egidio Cozzi commented, "The growth recorded by the Bialetti group compared to the equivalent period of 2022, is demonstrating the validity of the path taken by the company and compliance with the objectives of the strategic plan, most recently the sale of the "Aeternum" business and the consequent focus on the coffee world."

Bialetti Industrie's stock on Thursday closed up 3.6 percent at EUR0.29 per share.

By Chiara Bruschi, Alliance News reporter

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