Parmalat shares hit record low after outlook cut

Shares in Italy’s Parmalat slumped to their lowest level since the dairy group’s 2005 restructuring, after the company cut its 2008 outlook for sales and core profit due to a worsening economy.

“The worsening of the economic and financial crisis has affected the economic trend of Parmalat Australia and Parmalat South Africa. To this situation, a major decline of the Italian market must be added,” the company states.
Italy’s biggest listed food group said that it expects revenue to rise 3% this year and exepects earnings before interest, tax, depreciation and amortisation of around