Italian food and dairy group Parmalat has posted a 12.4% drop in first-quarter core profit (EBITDA) to €196.6m (US$224.8m), compared to the year-ago period, due in part to foreign currency weaknesses.
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Parmalat, which has a big presence in Latin America, reported a 12.2% fall in revenues to €1.62bn due to the weakness of the US dollar and Latin American currencies against the euro.
Operating profit fell 11.3% to €124.57m. Net debt, which stood at €1.86bn, was practically unchanged from the end of 2002.
