Italian dairy group Parmalat has reported a first-quarter net profit of EUR111m (US$150.3m), up from the restated figure for the first quarter last year of EUR13.4m.
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Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 4.2% to EUR76.3m, while net revenues were up 3% at EUR926.5m.
The company attributed the improvement to price rises and a more favourable product mix. However, it said that price controls in Venezuela had negatively impacted its results in that country.
In Italy, revenues for the first three months of 2007 rose by 11.9% to EUR274.8m, with EBITDA increasing by EUR2.7m to EUR28.0m. The company’s other European businesses generated first-quarter revenues of EUR76.0m, up 5.8%, with EBITDA, rising by EUR1.1m to EUR5.3m.
The company’s operations In Canada saw revenues fall by 5.7% to EUR284.7m, which it attributed to currency shifts. In local currency, sales were up by 4.2%, the company said.
In Australia, revenues fell by 4.3% to EUR101.8m, once again principally due to foreign exchange factors. In local currencies, sales still fell, however, but only by 1.9%. EBITDA from Australia fell by EUR0.7m to EUR7.5m.
Sales in Africa fell by 6.7% to EUR84.5m, principally as a result of the fall in value of the South African rand. EBITDA was also down, falling by EUR0.9m to EUR8.9m.
