Italian dairy and food multinational Parmalat Group has reported a 6.8% annual drop in sales volumes during the first quarter of 2017.
The downturn can be largely attributed to a decline in the Latin American market (-14.6%) and lower sales in the milk category. The results do not include Venezuela, given the country’s critical economic situation.
Net revenue was up 11.3% year on year, to €1.56 billion.
Regional Performance
North America contributed €558.0 million (-1.6%), followed by Latin America, with €362.9 million (-14.6%), Europe, with €267.0 million (-5.5%), Oceania, with €256.7 million (-3.0%), and Africa, with €112.4 million (-7.9%).
Parmalat remains the leader in the milk sector in Italy; in the soft-ripened cheese, chunk mozzarella and ricotta segments in the US; in the cheese market in South Africa; and in the pasteurised milk category and the dessert segment in Australia.
In 2017, Parmalat expects both net revenue and EBITDA to increase by 4%, compared to the previous year.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine.
