Cremonini Sale to JBS Boosts Profits
ITALY - In the first half of 2008 Italian beef processing giant Cremonini Group achieved total consolidated revenues of €1,101.2 million , equal to an increase of 7.7 per cent compared to €1,022.0 million for the same period of 2007.
1 October 2008
1 minute read
The Gross Operating Margin (EBITDA) amounted to €62.5 million, up by 8.2 per cent compared to €57.8 million for 2007, while the Operating Result (EBIT) was €40.1 million, up by 7.7 per cent compared to €37.2 million for the same period of 2007.
The pre-tax profit was €51.6 million compared to €22.2 million for 2007.
The Group's net profit in the half-year amounted to €31.7 million compared to €2.1 million for 2007, mainly as an effect of the non-recurring net income relating to the sale of 50 per cent of the production sector to JBS S.A.
The production sector, which covers beef processing in particular, showed positive results, specifically thanks to the foreign subsidiaries, recording total revenues of €360.6 million in the period - a rise of seven per cent compared to €337.1 million for 2007.
EBITDA was €19.3 million compared to €14.1 million in 2007 and EBIT was €8.9 million compared to €4.1 million in 2007.
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