Italian food group Barilla saw its profits slide in fiscal 2012 as continued economic uncertainty and rising raw material prices impacted earnings.
In the 12-month period, net profit dropped to EUR60m (US$77.2m). This compared to earnings of EUR76m last year.
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Recurring EBITDA was down 9.2% to EUR433m. Barrilla said results were impacted by the “continuing global recession”, which it said was particularly severe in Italy where Barilla made around 40% of its 2012 revenue.
Sales in the period, however, edged up 2% to EUR3.99bn. CEO Claudio Colzani said the company aims to double revenue by 2020.
He added that the sale of German bakery group Lieken, which is under way, will allow Barilla to “further increase its financial soundness”.
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