Parmalat has reported a fall in net income for the full year on the back of higher taxes and a drop in financial income.

For the period ended 31 December, Parmalat, majority owned by France's Lactalis, reported net profit of  EUR203.1 million ($220.65 million), compared with EUR221.0m a year before.

Operating losses were higher at EUR 5.1bn compared with EUR5.0bn.

?Sales were higher at EUR5.5bn compared with EUR5.4bn.