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Parmalat Q1 profit falls YOY

Parmalat said its first-quarter normalized net income came to 1 euro cents per share, a decline of 28.8% from 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €26.9 million, a decline of 28.7% from €37.7 million in the year-earlier period.

The normalized profit margin dropped to 2.0% from 3.1% in the year-earlier period.

Total revenue climbed 13.7% year over year to €1.37 billion from €1.20 billion, and total operating expenses rose 14.3% year over year to €1.32 billion from €1.15 billion.

Reported net income fell 60.2% year over year to €19.0 million, or 1 cents per share, from €47.7 million, or 3 cents per share.