(Alliance News) - The board of directors of Cembre Spa on Tuesday approved the half-year financial report as of June 30, reporting a net profit of EUR23.9 million, up 31 percent from EUR18.2 million in the same period last year.

Net income as a percentage of sales represents more than 20 percent of sales, up from about 17 percent in the first half of 2022.

Consolidated pretax profit of EUR32.5 million is up nearly 32 percent from the first half of 2022, when it was EUR24.7 million.

Consolidated sales revenue amounted to EUR117.6 million, up nearly 13 percent from EUR104.4 million in the first half of 2022. The group's half-year sales in Italy, at EUR52.0 million, increased 12 percent, while foreign sales, at EUR65.6 million, rose 13 percent, the company said in a note.

Consolidated gross operating income for the first half of the year was EUR38.6 million, up 27 percent from EUR30.5 million in the first half of 2022.

This increase, the company points out, is due, almost entirely, to the decrease in the incidence of cost of sales. The weight of cost of services in the first half of 2023 increased due to the increase in energy costs, transportation costs, travel and relocation expenses, and maintenance costs. The incidence of personnel cost is decreasing, however, this cost has increased in absolute terms but less than proportionally to the increase in sales.

Consolidated operating income for the first six months is EUR32.4 million increased by almost 32% from EUR24.6 million in the first six months of last year.

Consolidated net financial position, moved to a negative EUR5.2 million from a positive balance of EUR14.6 million as of Dec. 31, 2022. The figure, Cembre points out, discounts the effects of dividend payments of EUR23.5 million by the parent company and investments in fixed assets of EUR7.8 million. As of June 30, 2022, the Net Financial Position was negative EUR300,000.

Cembre's stock is flat at EUR33.50 per share.

By Chiara Bruschi, Alliance News reporter

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