ITALY: Mixed Q3 results for Parmalat
- Net profit down
- EBITDA up on price hikes, cost control
- Foreign exchange also benefits
One-off items have hit Parmalat's third-quarter net profit although the Italian dairy group did see its EBITDA increase.
Parmalat, which is controlled by French dairy giant Lactalis, booked net profit of EUR58m (US$73.8m), against EUR75.4m a year earlier. However, EBITDA was up 22.8% at EUR115.8m on the back of price increases, control of overheads and the benefit of foreign exchange.
Net revenue rose 27% to EUR1.41bn thanks in part to the impact of Lactalis's operations in the Americas, which the French group transferred to Parmalat earlier this year.
Parmalat also forecast annual EBITDA of EUR430-440m, compared to EUR374.1m in 2011.
An Italian court last month started to look into the transfer of Lactalis American Group to Parmalat after investors raised concerns about the transaction.
The Board of Directors Approves the Third Interim Report on Operations
at September 30, 2012
? Net revenues increase (+13.2%)
? EBITDA highly improves (+14.6%)
? Solid operating results in Australia and Russia
? Positive performance by LAG: EBITDA +32.9% in the third quarter
? Significant increase in free cash flow
? 2012 guidance: EBITDA expected within a range of 430 to 440 million euros
Click here for the full release.
Original source: Parmalat
Lactalis has become one of the most acquisitive dairy producers over the 2007-2012 period. It moved to third position in global dairy following the acquisition of Parmalat in 2011. The company has con...
Lactalis has signed a draft agreement with Netherlands' VanDrie Group for the sale of its veal processing subsidiary, Tendriade....
This report analyzes the worldwide markets for Dairy Products in US$ Million by the following Product Segments: Milk Powder, Butter, Cheese, Ice Cream and Related Products, Yogurt and Related Products...
Whilst the South African cheese category has tended to be fairly uneventful, there has been a slow move towards pre-packaged or fixed weight hard cheese. Both Clover SA and Parmalat SA offer fixed wei...
- M&A Watch: Raisio should sell to private equity
- Infographic: Snapshot of Japan's food sector
- On the money: Solid Lindt outpaces chocolate peers
- Spotlight: What could be impact of Russia's ban?
- Briefing: Expansion agenda of Japan's food majors
- Russian government eases ban on food imports
- Pork Farms buys Kerry Group's pastry plants
- Kerry cools claim spreads move could hit jobs
- Profits up at chocolate group Lindt
- Japan's Sanyo takes stake in Olam's food biz
- New Strategies for offering Convenience in Food - targeting new occasions, best practice and new solutions
- David Chapman's Ice Cream Ltd in Packaged Food (Canada)
- Global Bakery & Cereals Market: Merger and Acquisitions May 2014
- Food Retail: Top 5 Emerging Markets Industry Guide
- Other Dairy in Russia