Italian dairy giant Parmalat has seen its net revenue decline by 2.4% to €4.63 billion in the first nine months of the year, driven by low milk prices and a negative foreign exchange impact.
In the first nine months of last year, the company posted net revenue of €4.74 billion.
'In the first nine months of 2016, the global economy was characterized by moderate growth and an uncertain trend,' the company said in a statement.
'In addition, during the same period, there was the global surplus in the supply of raw milk, largely attributable to the elimination of milk quotas in the European Union, which kept milk prices relatively low, albeit with significant regional differences and with indications of a trend reversal in some areas starting at the end of the third quarter.'
EBITDA for the nine month period stood at €313.4 million, a 0.4% increase on the same period last year.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.
