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Parmalat profits slide

This article was originally published in Foodnews

ITALIAN dairy giant, Parmalat, has posted a 33% decline in first-quarter net profits to EUR33.4 million (USD42.7 million), compared with EUR50.0 million in the year-ago period. However, revenues were up 6% to EUR1.0 billion, while EBITDA (earnings before interest, taxes, depreciation and amortisation) rose 7% to EUR75.1 million. “For 2012, at constant exchange rates, growth estimates of about 3%, already foreseen both for net revenues and EBITDA, are confirmed,” the company said in a statement.

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