Italian food manufacturer Barilla has reported mixed financial results for 2011, with higher raw material costs putting pressure on EBITDA but lower one-off costs meaning its bottom line improved.
Barilla said it decided to “limit” price increases to shoppers despite a “sharp rise” in commodity costs due to a “slowing global economy and lower consumer spending” last year. It recorded recurring EBITDA of EUR477m, down 14.2% on 2010.
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However, Barilla’s recurring EBIT increased 40.3% to EUR296m, while its net profit almost tripled from EUR27m in 2010 to EUR76m in 2011 amid lower exceptional costs.
Sales, on a like-for-like basis, were EUR3.92bn, inching up from the EUR3.91bn recorded in 2010.
Chairman Guido Barilla said: “The results confirm the solidity and competitive strength of our group. We’re confident that the company will be able to weather these turbulent times.”
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The company said early data for 2012 had showed a “small but significant rise in revenue” for the first three months of the year. It declined to comment on its first-quarter profits.
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