(Alliance News) - Caltagirone Editore Spa reported Wednesday that it closed the first half of the year with a net profit of EUR9.2 million compared to EUR8.1 million in the same period last year.

Profit from financial operations dropped to EUR10.8 million from EUR11.2 million, Ebitda is positive EUR491,000 from the negative figure of EUR212,000 in the previous year.

Operating income is negative EUR2.7 million from the operating loss of EUR3.9 million in the first half of 2022 and includes depreciation and amortization of EUR3.1 million from EUR3.2 million as of June 30, 2022, provisions for risks of EUR52,000 from EUR398,000 a year earlier, and impairment of receivables of EUR36,000 from EUR164,000 as of June 30 in the previous year.

In the first half of the year, group revenues stood at EUR55.9 million and in line with the corresponding period in 2022. The group's advertising revenue grew by 8.5 percent. Internet advertising, including advertising carried out on behalf of third parties, grew by 21 percent and now accounts for 29.4 percent of the group's total advertising revenue.

In the January-May period, the websites of the Caltagirone Editore network recorded 4.2 million average unique daily users, an increase of 22% over the same period last year. Total revenues from the sale of print and digital copies of the group's newspapers declined by 7.6 percent compared to the first half of 2022.

Net financial position is positive EUR5.5 million from EUR58,000 as of December 31, 2022 and is influenced by the receipt of dividends on listed shares net of investments in listed shares and bonds and the distribution of dividends of EUR3.2 million.

Consolidated group shareholders' equity is EUR419.5 million from EUR385.3 million as of December 31, 2022. The increase is mainly attributable to the positive effect achieved in the first half of the year in the fair value measurement of equity investments held by the group and the result for the period.

"The group continues initiatives to enhance the value of multimedia versions and improve internet activities aimed at increasing new advertising flows and acquiring new readers. The group will continue to implement measures aimed at containing all discretionary costs and structurally reducing direct and operating costs," the company said.

Also on Wednesday, the company announced the appointment of Fabrizio Nicotra as the new editor of Leggo.

Caltagirone Editore's stock closed Wednesday down 0.2 percent at EUR0.99 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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