Italian food group Barilla has reported an increase in profits in 2013.

The family-owned company posted profit of EUR92.5m (US$125.9m) for last year, up from EUR50.5m in 2012.

Barilla’s bottom line was helped by the absence of a loss of EUR81.5m from discontinued operations booked in 2012.

Operating profit dropped 8% to EUR234.6m thanks to a goodwill and impairment charge of EUR28m, predominantly related to its bakery business in Russia. From continued operations, operating profit was up 5.8% at EUR273.3m.

Group revenue was down 11.5% at EUR3.54bn primarily thanks to the sale of German bakery business Lieken.

Excluding disposals and the impact of foreign exchange, revenues increased by 2.5% compared with 2012.

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