In the first quarter of the year, the Parmalat group reported a profit of 13,5 million euros, down 30,4% compared to the same period of 2015. On a like-for-like basis and excluding the Venezuelan subsidiaries, the profit for the period – specifies the company – the result is an increase of 8,5 million. Net sales amounted to 1,4 billion, up by 3,2%, while the gross operating margin was equal to 77,5 million, down by 5,1%.
Net cash and cash equivalents amounted to €197,9 million, down by €103,2 million compared to the end of 2015. The group confirms the 2016 guidance: at constant exchange rates, considering the pro forma 2015 comparative data for the new acquisitions and excluding – date the uncertainty that characterizes the country's situation accompanied by a sharp devaluation of the local currency – the Venezuelan subsidiary, Parmalat estimates growth in net revenues of approximately 5% and gross operating margin of approximately 10%.
