ITALY: Parmalat profits slump on FX, milk prices
- Sales drop 3.2% to EUR1.23bn (US$1.67bn)
- EBITDA down 19.4% to EUR76.4m
- Net profit dips 14.4% to EUR48.4m
A "sharp increase" in cost of raw milk and the negative impact of currency exchange weighed on first-quarter earnings at Italian dairy giant Parmalat.
In the three months to 31 March, the company, majority-owned by France's Lactalis, said EBITDA fell 19.4% and net profit sank 14.4%.
Sales at the group were down 3.2% but, "at constant scope of consolidation" and exchange rates, increased 7.8% in the period.
The company reaffirmed its full-year outlook. "At constant exchange rates and scope of consolidation and excluding the effect of hyperinflation, the previously announced growth rate estimates for net revenues (3%) and EBITDA (3%) are confirmed," it said.
Click here to view the financial release.
Lactalis is one of the most acquisitive dairy producers over 2009-2014. It moved from fourth to third position in global dairy following the acquisition of Parmalat in 2011. The company has continued ...
While Groupe Lactalis maintains plenty of room for growth in the other countries in which it is active, particularly in the countries with emerging economies known as the BRIC nations, France remains ...
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