Italian dairy group Parmalat has reaffirmed its full-year EBITDA guidance, despite booking a drop in earnings in the first nine months of the year.
EBITDA fell 14% to EUR40.4m (US$33.8m) in the period to the end of September. Parmalat cited an increase in raw milk costs compared with last year, particularly in Italy and Russia.
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Net sales edged up 0.2% to EUR609m thanks to list-price increases and sales of more profitable products.
Net profit amounted to EUR63m, down from EUR68.1m a year earlier. The drop was primarily due to reductions in income from equity investments and net financial income, caused by a decrease in financial assets, the company said.
For the full year, Parmalat said it expects net revenues and EBITDA to grow by around 3% and 5%, respectively, compared with 2012.
Click here to view the full earnings release.
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