Italian dairy group Parmalat has cut its profit and sales forecasts for 2008, despite a jump in nine-month net profit.
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For the period ended 30 September, net profit rose to EUR638m (US$809m) a EUR414.8m increase on last year, due “primarily” to the legal settlements stemming from the company’s collapse in 2003, Parmalat said.
Net revenue edged up to EUR2.89bn from EUR2.82bn last year, while pre-tax profit increased to EUR695.9m from EUR344.9m in 2007.
The company lowered its annual sales growth target to 2.4% this year, excluding currency fluctuations, down from its previous forecast of 3%. Parmalat blamed the “adverse effects” of the “unfavourable” business climate.
For the full year, Parmalat has forecast core profit of between EUR310m and EUR315m, down from a July forecast of EUR350m.
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By GlobalData“Conditions in the global economy have had a negative impact on the group’s 2008 performance projections,” the company said.
