Fashion-to-media holding HdP on Tuesday revealed a narrower first-half pre-tax loss of 45.3 million euros before tax and third party interests compared to a loss of 59.9 million euros in the year-ago period.

The group, which sold fashion house Valentino to Marzotto for 240 million euros and is looking to sell sports wear unit Fila, said in a news release revenues slipped to 1.55 billion euros from 1.63 billion due to the sell-offs.

It added operating profit swung to the black in the first half as it made a profit of 400,000 euros versus a loss of 42.8 million euros. "The completion of these activities will allow the group to strengthen its business and recover efficiency," HdP said.

"The improvement in operating profit, already present in the first half, is expected to continue throughout the year with significant progress compared to the previous year, even in the net result."