(Alliance News) - Cofle Spa reported Thursday that it had closed the first half of the year with revenues up to EUR29.5 million from EUR27.5 million in the same period last year.

Value of production rose to EUR30.8 million from EUR28.8 million.

Adjusted Ebitda fell to EUR5.4 million from EUR6.8 million while operating income decreased to EUR2.7 million from EUR4.8 million.

Net income fell to EUR800,000 from EUR3.4 million, affected by high inflation in Turkey, which generated higher personnel costs of about EUR1 million and hyper-inflation charges of about EUR1.8 million.

Net financial position is EUR3.3 million, which increased by EUR3.5 million, mainly due to investments of about EUR4.2 million, specifically EUR1.2 million for the purchase of the new logistics plant in Italy, EUR1.5 million for investments in the new electronics production department in Turkey, and EUR1.5 million for dividend distribution. Adjusted NFP increased to EUR8.5 million from EUR3.6 million as of Dec. 31, 2022.

Cofle's stock closed Thursday down 1.7 percent to EUR11.60 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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