(Alliance News) - Deodato.Gallery Spa closed the first half of the year with a net profit of ERU209,000 down 78 percent from EUR900,000 in the same period last year.

As of June 30, production value was EUR5.5 million, down 5.2 percent from EUR5.8 million in the first half of 2022.

Ebitda amounted to EUR500,000 from EUR1.4 million and marking a 64% decrease from June 30, 2022.

Ebit stands at EUR400,000 decreasing 73% from EUR1.4 million in the first half of 2022.

Net financial debt stands at EUR1.4 million from EUR900,000 as of Dec. 31, 2022.

Looking ahead, "The group intends to continue to further develop its business and services through a profitable growth process in order to succeed and strengthen its market position," the company explained in a note.

"In the continuation of the fiscal year, it is expected that the investments made in the group companies will begin to bring the expected returns. In addition, to support growth, new locations are expected to be opened in prestigious locations, including through franchise partnerships. Commercial agreements with leading artists will be further strengthened, with improved effects on the catalog and brand. In the first half of the year, the foundations were laid for the organic growth of the group for the next three years in order to seize all the opportunities offered by the market, to the benefit of the group itself and its stakeholders."

Deodato.Gallery is in the red by 0.7 percent at EUR0.46 per share.

By Claudia Cavaliere, Alliance News reporter

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