Yoghurt stimulates Parmalat’s growth in Australia
Parmalat SpA has reported a resilient first quarter result in Australia as growth in the yoghurt and flavoured milk sectors spurred sales.
In Australia, the makers of Pauls and Vaalia saw net revenues rise 2.9% to A$183 million dollars, with EBITDA (Earning Before Interest, Tax, Depreciation and Amortisation) soaring 31.9%.
“In the first three months of 2009, the Australian dairy market enjoyed attractive growth rates, particularly in the yoghurt segment and the flavored milk segment,” the Italian based dairy firm advised. “In the milk segment, the growth was lower due to the negative performance of higher priced products, such as functional milk.”
“The notable improvement in EBITDA is the combined result of the carry over effect on prices, a decrease in raw milk costs compared with the first quarter of 2008 (characterized by strong pressure on the price of milk derivatives in the international market) and the effect of manufacturing rationalisation programs,” they added.
Parmalat maintained guidance of 2-4 per cent revenue growth for their global operations this year as they reported revenue growth of 5.4 per cent at constant exchange rates. Chief Executive Enrico Bondi told analysts in a conference call that they were still studying a number of dossiers for possible acquisitions but nothing had been finalised yet.