Parmalat Reports Massive Increase In Profits

The results of Italian dairy group Parmalat suggest that the firm has successfully restructured after buckling under EUR14bn of debt in 2003. The firm has successfully sued several banks that worked with the previous management and these settlements contributed to the firm's profits rising from EUR192.5mn in 2006 to EUR673.4mn in 2007. The firm's core business also performed fairly well, with earnings before interest, tax, depreciation and amortisation (EBITDA) rising by 5.4% to EUR366.6mn and revenues rising by 6.3% to

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