(Alliance News) - The board of directors of Caleffi Spa on Wednesday reported that the company in the first half of the year reported a profit of EUR200,000 from EUR700,000 related to the same period in 2022.

As of June 30, sales stood at EUR27.1 million from EUR25.3 million a year earlier.

Ebitda was EUR1.8 million, down from EUR2.4 million as of June 30, 2022.

Ebit amounted to EUR500,000 from EUR1.1 million in the first half of 2022.

Net financial debt is EUR12.4 million from EUR12.8 million as of December 31, 2022.

Guido Ferretti, Caleffi's corporate managing director, commented, "International geopolitical tensions with their effects on energy and raw materials costs, inflation at the highest levels in the last decade, and the inevitable impact on household consumption trends are the elements of an economic context that puts pressure on all market players."

"The group's first-half results record despite the increase in revenues, a decline in margins due to the substantial inability to transfer entirely to sales prices, the substantial increases in production costs and a different and less profitable sales mix. The results achieved in the first half of the year and the orders already in the backlog for the second part of the year, allow us to forecast a closure of the year with revenues in line with 2022."

Caleffi closed unchanged at EUR0.98 per share.

By Claudia Cavaliere, Alliance News reporter

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