Parmalat, Italy’s largest listed food group, today (21 March) cut its profit outlook for 2007 after confirming a return to profit in fiscal 2006.
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The company said it had swung to a 2006 net profit of EUR192.5m (US$256.1m), compared with a loss of EUR300,000 a year earlier. Parmalat announced its preliminary results on 2 February.
Parmalat said in a statement it expected earnings before interest, tax, depreciation and amortisation (EBITDA) to rise 12-15% in 2007. In 2006 the group posted EBITDA of EUR350.7m. This is lower than the company’s previous forecast of 2007 EBITDA of EUR454m. It said it expected revenues to rise 3-5% in 2007.
