MILAN (Thomson Financial) - Parmalat SpA said full year net profit rose
sharply to 673.4 mln eur from 192.5 mln, and the dividend is hiked to 0.159 eur
from 0.025, supported by legal settlements, in line with expectations.
In a statement, confirming preliminary results issued last month down to
EBITDA level, the dairy company said it sees 2008 EBITDA up 7-10 pct and sales
up 3-5 pct from a year earlier.
"The first months of the year are showing strong competitive pressures in
mature markets, both on volumes and prices," it said.
"The company is reacting with the launch of new products, supported by
marketing actions, in addition to rationalisation measures on industrial and
general costs," it said in a statement.
Simplification of the group structure, plus further legal settlements,
should produce sufficient resources to consolidate in mature markets as well as
to grow in emerging markets, it said.
On 2007 full year net profit, analysts polled by Thomson Financial News were
expecting between 606-769 mln, while dividend was seen at around the 0.16 eur
per share figure.
On 2008, analysts had been looking for a company forecast for EBITDA of
405-411 mln eur, or a rise of 10.5-12.1 pct, and sales were seen at 4.018-4.064
bln, or a rise of 4.0-5.2 pct.
Parmalat confirmed that 2007 EBITDA was 366.6 mln eur, up 5.4 pct, and that
sales were 3.864 bln, up 6.3 pct.
nigel.tutt@thomson.com
nt/lam
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