Parmalat Reports Increase In Sales And Earnings

Italian dairy producer Parmalat has posted rising sales and earnings figures for the first quarter of 2009. Over the period Parmalat's net revenues at constant exchange rates increased by 5.4% to reach EUR942.1mn while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 13.3% to EUR72.4mn. This rise in earnings can be attributed to the increase in sales and EBITDA margin rising from 6.9% to 8.1%. However, while these results were greeted favourably on the stock market, which has been used to the dairy producer reporting bad news, a closer inspection of Parmalat's sales figures suggests the firm is

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