(Alliance News) - Leone Film Group Spa announced Monday that it closed the first half of the year with a net profit of EUR45,000, down from EUR1.4 million in the same period last year. This decrease, the company pointed out, "was caused by the sharp increase in the cost of debt and the substantial elimination of capital gains from foreign exchange hedges." In addition, the profit "discounts the negative components related to EUR2.0 million in financial expenses," which resulted from the "sharp increase in the cost of debt due to the increase in the Euribor variable parameter."

Revenues amounted to EUR27.9 million up 11 percent from EUR25.2 million recorded as of June 30, 2022.

Ebitda is EUR19.7 million, up 43% from EUR13.8 million in the first half of 2022.

Ebit is EUR2.2 million, up 38% from EUR1.6 million as of June 30, 2022.

Net financial debt is EUR84.4 million from EUR80.6 million as of December 31, 2022.

Andrea Leone, chairman of Leone Film Group, commented, "We close a six-month period that still inevitably suffers from lower box office results than the pre-Covid period. Content from both current licenses and our library were in high demand from the various platforms confirming the quality of our products. As far as the Production Unit is concerned, the filming of the films "Un'altro Ferragosto" and "Il Migliore dei Mondi," the series "Uonderboys "and the production of the series "A casa tutti bene 2" was completed.

Leone Film Group is down 2.0 percent to EUR1.48 per share.

By Chiara Bruschi, Alliance News reporter

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