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Parmalat Q4 profit falls YOY

4584642 said its fourth-quarter normalized net income amounted to 4 euro cents per share, a decrease of 8.9% from 4 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 €65.3 million, a decrease of 8.5% from €71.3 million in the prior-year period.

The normalized profit margin dropped to 3.3% from 4.5% in the year-earlier period.

Total revenue climbed 6.0% on an annual basis to €1.67 billion from €1.57 billion, and total operating expenses grew 7.3% from the prior-year period to €1.56 billion from €1.46 billion.

Reported net income decreased 35.0% from the prior-year period to €39.0 million, or 2 cents per share, from €60.1 million, or 3 cents per share.

For the year, the company's normalized net income totaled 9 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 10 cents.

EPS declined 15.3% from 11 cents in the prior year.

Normalized net income was €174.9 million, a fall of 15.2% from €206.2 million in the prior year.

ull-year total revenue increased 15.7% on an annual basis to €6.44 billion from €5.57 billion, and total operating expenses increased 17.1% on an annual basis to €6.14 Parmalat.