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.

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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.


Operating profit was €270m, compared to €297m a year earlier, reported AFX News.


The company said it was unable to forecast second-half sales and profits due to the continued impact of foreign exchange rates.

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