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Parmalat Profits Double

Parmalat Profits Double

04 Feb 2005
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Debts don’t seem to have effected profits for the Italian food giant Parmalat.

Despite being whammed with an 11 million euro fine for violating takeover rules five years ago and a slowly falling debt of 12 billion euro, Italian food giant, Parmalat, has reported almost doubling its profit.
Parmalat filed for bankruptcy protection at the end of 2003 but since then the company has increased its operating profits by 30% with core activities jumping to 273.2 million euros.
Sales in all operations declined while operating profits advanced 46 percent to 186.4 million euros. Parmalat’s brands have performed strongly since the food giant’s brush with bankruptcy.
As part of a recovery plan, Parmalat’s debt is being converted into shares. The company has also closed an historical cheese factory in Queensland and laid off a quarter of its workers in Darwin, Australia. They stopped making soft drinks in Darwin at the end of January. Parmalat has also sold off assets in Argentina, Chile and Thailand and sold operations in Uruguay, China and Italy as part of its recovery plan which has focused on dairy products and fruit juices.

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