Parmalat Confirms Its Full-Year Growth Targets After Booking an Increase in H1 Profits

Parmalat has confirmed its full-year growth targets after booking an increase in first-half profits.

The Italian dairy group, in which Lactalis owns a majority stake, recorded earnings of EUR82.5m (US$101.6m) in the six months to end of June, a 7.8% increase on the prior-year period.

The company attributed the increase to "industrial operations improvement, lower impact of non-recurrent income and higher financial income earned on invested liquid assets accounts".

EBITDA climbed 9.4% to EUR163.3m. Sales grew 6.1% to reach EUR2.28bn.

"For 2012, at constant exchange rates, the growth estimate of 3% announced earlier both for net revenues and EBITDA is confirmed," the company said.