Italian dairy giant Parmalat has reduced the net profit it reported for 2011 after legal rulings on cases in Italy and Canada.
Parmalat had to re-evaluate its 2011 accounts after the rulings pushed up its costs.
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In Italy, the country’s State Council ruled Parmalat had to return shares in Centrale del Latte di Roma to the city of Rome. The verdict confirmed an earlier ruling that said Parmalt must return the stock.
In Canada, an arbitrator ruled against Parmalat in a legal battle with the Ontario Teachers Pension Plan Board.
The verdicts led Parmalat to reduce the net profit booked in 2011 from EUR224.3m to EUR170.9m. In 2010, the company reported net profit of EUR285.1m.
Parmalat could not be reached for further comment.
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