(Alliance News) - The board of directors of Frendy Energy Spa announced Tuesday that it closed the first half of the year with a profit of EUR34,000 after a loss of EUR263,000 reported in the same period last year.

The result also benefited from the income from joining the IRES tax consolidation with Transalpina di Energia, the parent company of Edison Spa, amounting to EUR120,000, and from financial management, which resulted in net financial income of EUR9,000, an improvement over the same period last year when net financial expenses of EUR18,000 were reported.

As of June 30, the company reported sales revenue increased to EUR759,000 from EUR543,000 in the first half of 2022.

The increased performance was mainly driven by higher water availability, particularly in May and June, which led Frendy Energy Group's productions to grow by more than 50 percent compared to the same period in 2022, the company explained in a note.

Thus, EBITDA came in at EUR271,000 compared to an EBITDA of EUR35,000 in the same period of the previous year, while EBIT came in at EUR2,000 from a negative EUR358,000 in the first half2022, benefiting from lower depreciation and amortization as a result of write-downs at the end of 2022.

Looking ahead, "Although last year's extreme drought affected performance in the first months of 2023, the increased water availability in May and June of this year, combined with continued careful cost management, has resulted in a recovery in Frendy Energy's group results. Performance is expected to improve further as hydraulicity returns to historical average levels," the company explained in a note.

Frendy Energy trades in the green by 1.6 percent at EUR0.20 per share.

By Claudia Cavaliere, Alliance News reporter

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