(Alliance News) - Garofalo Health Care Spa announced Tuesday that its board of directors approved its half-year financial report as of June 30, reporting a 20 percent increase in profit to EUR15.9 million from EUR13.2 million in the same period last year.

Revenues amounted to EUR186.7 million up 12 percent from EUR166.3 million in the same period last year.

Adjusted operating Ebitda was EUR38.2 million up nearly 23 percent from EUR31.2 million in the first half of 2022.

Ebit was EUR26.0 million up from EUR19.4 million in H1 2022. This result "benefited from lower net nonrecurring costs of EUR600,000, mainly due to significantly lower 'Covid extra costs' in the half-year compared to the actual costs in the previous year, partially offset by higher M&A costs related to the acquisition of Sanatorio Triestino," the company specified in a note. This result also reflects "amortization and depreciation for the period of approximately EUR10.1 million, up by EUR900,000 compared to the first half due mainly to the change in the scope of consolidation, as well as value adjustments and other provisions of EUR2.4 million, up from EUR2.2 million as of June 30, 2022 but with a percentage incidence on revenues substantially in line with historical data," it further reads.

As of June 30, the Net Financial Position was EUR143.7 million from EUR145.0 million as of Dec. 31, 2022.

As for the future, when comparing with 2022, "GHC expects results to benefit from the reduction in energy prices based on the sharply declining trend already observed in the first half of the year, although exogenous elements of uncertainty remain in this area. Finally, the group confirms that the activities aimed at concentrating its significant real estate assets in a dedicated vehicle wholly controlled by the parent company, GHC Real Estate, are proceeding according to plan and will be completed - for the bulk of the real estate value - by the end of the current fiscal year."

Garofalo Health Care trades in the green by 0.2 percent at EUR4.39 per share.

By Chiara Bruschi, Alliance News reporter

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