ITALY: Parmalat records improved FY profits
By Michelle Russell | 21 March 2013
- Net profit up 1.1%
- EBITDA grows 17.4%
- Net sales climb 16.4%
 |
Parmalat said it had the best year in its history in 2012 |
Parmalat has recorded an increase in full-year profit thanks to an improvement in the results from its industrial operations and an "outstanding" performance in emerging markets.
The Italian dairy group booked a net profit of EUR172.2m (US$222.2m) in the 12 months to the end of December. This reflected a 1.1% increase on the prior year period.
EBITDA was up 17.4% to EUR439.2m thanks to sales price increases and the containment of overheads during the year.
Net sales grew 16.4% to EUR5.23bn, representing an "all-time high" in the history of Parmalat and boosted by "significant" revenue growth in all product categories.
"Parmalat had the best year in its history in 2012, reporting record results in terms of EBITDA and cash flow from operations," the company said. "Despite the crisis that is affecting the world's main economies, the group has begun to grow again thanks to an outstanding performance in the emerging markets and a renewed focus on its industrial vocation as the driver of its business activities, which enabled it to improve its competitive capabilities in the mature countries."
The company said it expects core profits and sales to rise by around 5% in 2013.
Expert analysis
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Sectors: Dairy, Financials
Companies: Parmalat
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