BusinessCompany NewsParmalat doubles profits

Parmalat doubles profits

Italian food group Parmalat has revealed a doubling in profits while still being embroiled in one of Europe's biggest corporate scandals.

Link: Parmalat special area

The company posted pre-tax earnings in the fourth quater of euros 77m, up from euros 38m in 2003.

The company’s debt still stands at euros 12bn after entering administration in December 2003.

Italian courts are currently pursuing cases again banks involved in the financial scandal while auditors from Grant Thornton’s forme Italian partner firm are also facing criminal charges.

Deloitte, which took over the audit from Grant Thornton, has protested its innocence though it faces damages claims from Parmalat administrator Enrico Bondi.

Cases against former executives are also yet to be resolved.

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