Italian dairy giant Parmalat has raised its full-year earnings forecast – despite reporting that profits in the first nine months of the year halved.
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Net profit in the nine-month period totalled EUR283.4m (US$425m), down 55.6% from EUR638m last year, as Parmalat benefited from fewer litigation settlements linked to the group’s 2003 bankruptcy.
However, the company emphasised, profitability in the period rose significantly, with EBITDA up 20.6% to EUR265.3m. EBITDA margin rose to 9.3%, up from 7.6% in the comparable period of last year.
Sales increased 1.7% at constant exchange rates, rising to EUR2.87bn on the back of higher pricing to offset raw materials expenses.
Looking to the full-year, Parmalat raised its earnings outlook to EUR350m, up from its previous range of EUR310-320m.
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By GlobalDataThe Parma-based dairy firm also said sales were expected to rise between 1% and 2%.
Check back for just-food’s insight into Parmalat’s performance, or click here for the full release.
