(Alliance News) - Franchi Umberto Marmi Spa on Tuesday reported a first-half profit of EUR8.1 million from EUR9.3 million in the same period last year.

Total revenues amounted to EUR37.8 million from EUR41.8 million as of June 30, 2022, a EUR4.0 million decline mainly due to the slowdown in sales in the Middle East and on the Italian market, which in the previous year's six-month period had shown increases much higher than historical averages, the company explained in a note.

Adjusted Ebitda is worth EUR13.7 million from EUR16.8 million in 2022.

Operating income is EUR10.0 million from EUR13.5 million in the first half of 2022.

Capital expenditures amounted to EUR2.7 million of which EUR1.8 million was for the acquisition of the stake in FUM Australia Pty Ltd net of proceeds from the sale of the stake in Franchi Umberto Marmi Australia Pty Ltd for EUR300,000.

Net financial debt to EUR23.6 million as of June 30 from EUR13.5 million as of Dec. 31, 2022.

Looking ahead, "However, the first half of the year confirmed the positive growth trend since 2021 in a context of recovery in global demand for natural stone with particular reference to the distinctive qualities of high-end Calacatta and Statuario marbles. Among the most positive and comforting aspects for the future as well, FUM reports the resumption at full speed of visits to the company's showrooms by customers' commercial emissaries. In addition, the signals coming from foreign markets are comforting, especially after the positive performance of the Chinese fair, which combined with the possibility that the Marmomac fair in Verona-scheduled for late September, which is the most important exhibition event for the stone sector in Italy-may return to a turnout in line with 2019 could represent an important sales accelerator for the last quarter of the year."

On Tuesday, Franchi Umberto Marmi closed 2.0 percent in the red at EUR7.88 per share.

By Claudia Cavaliere, Alliance News reporter

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