S&P GSCI GOLD INDEX (Alliance News) - CSP International Spa announced Friday evening that its board of directors approved the half-year financial report as of June 30, reporting a decline in loss to EUR1.9 million from the negative result of EUR2.3 in the first half of 2022.
"The half-year result is negatively impacted by incremental financial expenses of approximately EUR300,000 also caused by rising interest rates in light of the monetary policies implemented by the major central banks," the company specified in a note.
Revenues amounted to EUR39.5 million, in line with EUR39.3 million in the same period last year.
Ebitda is negative EUR400,000 from a negative Ebitda of EUR700,000 reported as of June 30, 2022, with the percentage of revenues falling to minus 1.1 percent from minus 1.8 percent.
Ebit is negative EUR1.8 million from negative EUR2.3 million in the first half of 2022.
Net financial position is negative EUR1.6 million from a positive value of EUR4.5 million in the same period of 2022. This reduction, the company explains, stems mainly from the absorption of liquidity from operating activities in the first half of the year, the increase in inventories resulting from the changed procurement policies of the post-pandemic period, as well as the structural inflationary effect on the prices of raw materials and purchased products, and investments for the renovation of machinery and industrial plants.
"The first half of the year was marked by high inflation that affected all goods and services, and more particularly food products, leading to a decline in household purchasing power," the note further states. "The group's target markets were particularly affected by this situation, with consumers choosing to reduce their consumption of clothing to compensate for the reduction in their purchasing power.
CSP International's stock closed Friday up 3.5 percent at EUR0.36 per share.
By Chiara Bruschi, Alliance News reporter
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