ITALY: Cremonini posts H1 pre-tax profits worth €37m

Italian meat producer Cremonini has reported consolidated pre-tax profits worth €37m (US$42m) in the first half of 2003. This compares with a consolidated pre-tax profit of €500,000 reported for the first half of 2002. Consolidated revenue improved 11.3% to €823.3m in the first half of this year. EBITA (earnings before interest, tax, depreciation and amortisation) increased by 12.5% to €51.7m.

August 11, 2003

Italian meat producer Cremonini has reported consolidated pre-tax profits worth €37m (US$42m) in the first half of 2003.

This compares with a consolidated pre-tax profit of €500,000 reported for the first half of 2002. Consolidated revenue improved 11.3% to €823.3m in the first half of this year. EBITA (earnings before interest, tax, depreciation and amortisation) increased by 12.5% to €51.7m.

Cremonini’s net financial debt decreased to €460.2m at the end of June 2003, from €569.1m at the end of June 2002.