Italian dairy giant Parmalat has seen its first-half profits slide on the back of a fall in settlements from legal cases linked to its 2003 bankruptcy.
Parmalat, which has so far recovered about EUR2bn (US$2.6bn) from banks and auditors it accused of participating in the fraud, said yesterday (29 July) that its net profit reached EUR147.4m for the first six months of 2010 – down from EUR247.8m a year earlier.
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EBIT fell from EUR288.5m in the first half of 2009 to EUR176.7m this year.
However, Parmalat pointed to “improved profitability” at the EBITDA level. The company said its EBITDA increased 8% to EUR174.5m thanks to price increases and more sales and advertising.
Net revenues were up 9.6% at EUR2.03bn thanks to the consolidation of Parmalat Food Products, a business in Australia bought last July.
Parmalat also cited “strong performances” by its businesses in Australia and Canada.
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By GlobalData
