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
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Original source: Parmalat
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