Parmalat's Results Highlight Dependency On Developed Markets

Italian dairy producer Parmalat has posted an increase in revenues and earnings before interest, tax, depreciation and amortisation (EBITDA) for the first quarter of 2010. In the three months to the end of March, Parmalat's revenues increased by 5.5% to EUR949mn, while EBITDA increased by 8.6% to EUR78.7mn. However, net revenues on an underlying basis were down by 2%, with the firm's reported sales aided by the consolidation of the Parmalat Food Products in Australia and by the decrease in the value of the euro. Against this backdrop, Parmalat has confirmed its forecast for 2010, with no significant improvement on

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