Parmalat has booked a fall in net profit during the first quarter of the year, despite higher sales and EBITDA.

The Italian dairy group, in which Lactalis owns a majority stake, said net profit dropped to EUR33.4m, down from EUR50m last year. Profits were hit by lower payments from subsidiaries, the company said on Friday (11 May).

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However, EBITDA rose 7% to EUR75.1m and net sales gained 5.9% to EUR1bn, the company added.

The company confirmed its outlook for the full year. “For 2012, at constant exchange rates, growth estimates of about 3%, already foreseen both for net revenues and EBITDA, are confirmed,” Parmalat said.

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