The BoD approves the Group's results as at 30.06.2016
Weak markets and a consolidated turnover which is down by 4.4%, on the basis of a like-for-like scope of consolidation and exchange rates.
The half-year period closed with a loss of 2.8 million euros, compared to the 5.8 million euro loss recorded on 30.06.2015. Net of adjustments for non-recurring costs - and with equivalent scope of consolidation - the Group made a profit of 1.5 million euros.
A major positive acceleration was seen in the second quarter, with turnover and profit growing by 2 million euros.
Elettronica Santerno has had a significant effect on the results for the period, however, with a loss of 4.4 million euros.
The effects of the restructuring actions undertaken have been evident, with the entire mechanics sector (which constitutes 90% of the business) recording an EBITDA - net of adjustments, and with equivalent scope of consolidation - of 8.7% of turnover, compared to the 7.5% seen on 30.06.2015.
It has been an excellent six months for Agritalia (tractors), with sales up by 5.3% on the previous year.
"We are finally seeing the fruits of some of the restructuring activities implemented in recent years. The benefits are particularly apparent for Drivetech and Agritalia, both of which have returned to profitability over the course of the last six months. - These were the comments made by Enrico Carraro, Chairman of the Group, who then continued, saying - the consolidated result for the last half-year has revealed a significant reduction in losses, and in the last three months of the period in particular, the Group once again recorded a profit, totalling 2 million euros. Now, we need to focus our attention on our subsidiary Elettronica Santerno, which remains in the red, and we are taking every step necessary to cancel out the negative effect of this result on the Group's overall figures”.