Parmalat core profit rises

Italian dairy group Parmalat said on Friday earnings before interest, tax, amortisation and depreciation (EBITDA) rose 21.4 percent to 160 million euros ($203 million) in the first half of 2006. Parmalat, which relisted in October 2005, two years after a slide into insolvency under 14 billion euros of debt, said sales rose 6.8 percent to 1.97 billion euros.
It said favourable exchange rates helped its sales in Canada to rise 7.4 percent to 648.1 million euros, the biggest chunk of its revenues, while Italy sales were 585 million euros, a dip of 2.2 percent on a year ago, from a fall in sales of non-core products. The group has undergone a massive restructuring under Chief Executive Enrico Bondi, who was its administrator. It is pursuing its former bankers for at least 13.2 billion euros in damages and seeking another 7.5 billion euros in revocatory claims.