The Australian subsidiary of Italian dairy giant Parmalat remains confident of long-term success despite reporting significant losses over the last three years.
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According to the Herald and Weekly Times, Parmalat has lost A$100m (US$55.4m) since it moved into Australia with a vengeance with the acquisition of Pauls in 1998. Analysts are reported, however, as saying that Parmalat remains likely to recover well in Australia despite its poor recent performance.
Deregulation in the liquid milk market and intense retail price competition had hit the group, but dairy analyst Deborah Perkins said they had likely weathered the worst.
“If they were going to leave Australia, they probably would have done so by now,” she said.
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