(Alliance News) - The board of directors of Tamburi Investment Partners Spa on Tuesday approved the consolidated half-year financial report as of June 30, which shows a pro forma profit at the consolidated level of EUR64.7 million, up sharply from EUR24.2 million in the same period last year.

Gains realized in the first half, the company points out, "relate to numerous disposals of equity investments, including that related to an approximately one-third stake in Azimut/Benetti, an easing of theinvestment in Prysmian and Fagerhult, and the sale of Ferrari shares."

Pro forma revenues amounted to EUR679.9 million from EUR923.1 million in the same period of 2022.

Consolidated net financial position as of June 30, without considering financial assets deemed from a management perspective to be usable cash in the short term, was negative about EUR480.2 million, compared to about EUR419.3 million as of Dec. 31, 2022.

Tamburi's stock on Tuesday closed 2.4 percent in the red at EUR8.60 per share.

By Chiara Bruschi, Alliance News reporter

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