(Alliance News) - GEL Spa announced Monday that its board of directors reviewed its unaudited June 30 turnover, which was EUR7.6 million, down 19 percent from the same period last year when it was EUR9.4 million.

The residential sector showed a decrease of about 12 percent-approximately EUR7.1 million compared to EUR8.0 million as of June 30, 2022-due to policies to reshape building bonuses, while the continuing inflationary rise severely affected the industrial sector, which showed a decrease of about 63 percent to EUR500,000 as of June 30 compared to about EUR1.3 million in the same period to 2022.

"The half-year figures, while showing a decline in turnover compared to the same period in 2022, showed a recovery in the second half. In particular, in the second quarter, turnover in the industrial sector more than doubled compared to the first quarter, to EUR350,000 from EUR150,000," the company specified in a note.

GEL's stock closed in the green by 0.3 percent at EUR1.60 per share.

By Chiara Bruschi, Alliance News reporter

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