ITALY: Parmalat posts lower H1 pre-tax profit
Italian food group Parmalat has reported lower first-half pre-tax profit due to foreign exchange effects and a €44m (US$49.1m) charge related to restructuring and capital losses. Parmalat posted first-half pre-tax profit of €120m, compared to €191m a year earlier. Currency effects pushed first-half sales down to €3.4bn from €3.9bn a year earlier despite an increase in sales volumes.
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