One-off items have hit Parmalat’s third-quarter net profit although the Italian dairy group did see its EBITDA increase.
Parmalat, which is controlled by French dairy giant Lactalis, booked net profit of EUR58m (US$73.8m), against EUR75.4m a year earlier. However, EBITDA was up 22.8% at EUR115.8m on the back of price increases, control of overheads and the benefit of foreign exchange.
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Net revenue rose 27% to EUR1.41bn thanks in part to the impact of Lactalis’s operations in the Americas, which the French group transferred to Parmalat earlier this year.
Parmalat also forecast annual EBITDA of EUR430-440m, compared to EUR374.1m in 2011.
An Italian court last month started to look into the transfer of Lactalis American Group to Parmalat after investors raised concerns about the transaction.
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