(Alliance News) - Mondo TV Spa reported that it closed the first half of the year with a net loss attributable to the group of about EUR1.2 million compared with a profit of about EUR4.3 million in the first half of 2022, and compared with a loss of about EUR69 million as of Dec. 31, 2022.

The company recalled that a large part of the loss at the consolidated level was determined by the negative result of Mondo Tv Studios, which was finally sold at the beginning of the current month. This sale will generate a gain at the consolidated level of about EUR3 million at current market values of Squirrel Media shares in the third quarter.

Value of production is about EUR4.6 million, down 76 percent from EUR19.1 million in the first half of 2022 mainly as a result of lower sales already included in the new business plan and the exit of Mondo TV Studios from the scope.

Ebitda is about EUR2 million compared to EUR12 million in the first six months of 2022, the result of the combined effect of lower revenues and lower operating costs.

Ebit is slightly negative by about EUR300,000, compared to Ebit of EUR4.2 million in the first six months of 2022.

In addition, the company appointed Matteo Corradi as the company's new Investor Relator to replace Piergiacomo Pollonio who resigned.

Mondo TV on Wednesday closed 1.3 percent in the red at EUR0.41 per share.

By Claudia Cavaliere, Alliance News reporter

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