(Alliance News) - GM Leather Spa reported Wednesday that it closed the first half with a net profit of EUR1.1 million from EUR1.3 million in the same period last year.

Taxes weighed EUR446,000 from EUR542,000 in the first half of last year.

Revenues rose slightly to EUR21.7 million from EUR21.5 million.

Ebitda rose to EUR3.0 million from EUR2.6 million, with margin up to 13.9 percent from 12.1 percent due to improved industrial margin.

Operating income increased EUR500,000 to just over EUR2.0 million after depreciation and amortization of EUR996,000 from EUR632,000 a year earlier. Pretax profit was EUR1.6 million from EUR1.8 million.

Net financial debt was EUR21.5 million and up from EUR15.4 million as of Dec. 31, 2022 due to both the extraordinary transaction finalized in February with Conceria Palladio Spa and the strategic decision to invest heavily in the raw material to increase the group's commercial competitiveness in the short to medium term.

GM Leather's stock closed Wednesday down 0.7 percent at EUR1.51 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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