(Alliance News) - Porto Aviation Group Spa reported Tuesday that it closed the half-year with a profit of EUR368,000 from a loss of EUR208,000 in the same period last year.

Value of production as of June 30 stood at EUR1.9 million, up from EUR1.3 million in 2022.

Ebitda stood at EUR693,000 in the first half of the year, up from EUR254,000 in the same period of 2022.

Net financial position was positive EUR374,000 up triple digits from EUR108,000 as of June 30, 2022.

As of June 30, six aircraft have been delivered and the company has a backlog of 10 aircraft.

Looking to the future, "The company's management is primarily aimed at the continued pursuit of greater production efficiency. The current production rate is about 1 aircraft per month, with the goal of reaching the end of 2023 with a production rate of 1.5 aircraft per month. No impact on production from the ongoing war in Ukraine is currently noted or foreseeable. The strengthening of the dollar in recent months, allows for greater development of the U.S. market without significant impacts on production, having made stocks of materials paid for in dollars at times of much more favorable exchange rates," the company explained in a note.

Porto Aviation Group is flat at EUR5.10 per share.

By Claudia Cavaliere, Alliance News reporter

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