Italian dairy giant Parmalat has today (11 November) posted a drop in a trading update for the last nine months.
EBITDA was EUR243.6m (US$333.4m) for the nine months to the end of September, a drop of 8.1% compared to the same period last year.
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A statement on Parmalat’s website said this decrease was due to factors such as higher raw milk prices in the company’s main countries, the floods in the Queensland region of Australia and the ongoing results of a fire at the production facility of Centrale del Latte di Roma last August.
Net profit for the period was EUR152.2m, falling from EUR198.5m for the same period in 2010. The gross operating margin fell 8.1% to EUR243.6m, while net revenue rose 4.6% to EUR3.29bn.
The company said the revenue increase was a result of growing sales volumes mainly in Australia and Africa, higher sales prices, particularly in Canada, Italy and Venezuela and a exchange rate gains attributable for the most part to a decline in the value of the euro versus the Australian dollar.
The company forecasts net revenues in excess of EUR4.4bn and EBITDA of EUR365m for fiscal 2011.
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