BusinessCompany NewsParmalat records losses of £234m

Parmalat records losses of £234m

Bankrupt dairy group Parmalat made a pre-tax loss of £234m during the first nine months of 2003. The year before it had declared a pre-tax profit of just over £200m.

Link: Parmalat special

The latest figures are detailed in a preliminary review by PricewaterhouseCoopers.

However, the £234m figure could rise if investigators discover that Parmalat executives further padded sales and did not account for other losses and expenses.

PwC’s review comes in the same week as Enrico Bondi, the Italian-government appointed administrator will deliver the first draft of a restructuring plan for Parmalat.

He is expected to begin revoking deals such as the sale of Parmalat bonds. And up to 27 former Parmalat executives could, later this week, be indicted for market rigging and distributing false information by a Milan magistrate.

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