Parmalat's Shares Plummet Following Profits Downgrade

Shares in Italian dairy producer Parmalat hit a record low on July 15, after the firm cut its profit forecast for 2008. In a statement to the Italian Stock Exchange, Parmalat revealed that earnings before interest, taxes, depreciation and amortisation are likely to be around EUR350 in the current fiscal year, representing a decline of 5% on last year's results. This downgrade is particularly disappointing given the rising global demand for dairy

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