Italian dairy Parmalat says its consolidated attributable net profit rose 29% to E135 million last year. Sales rose 38% to E5.06 billion, but net debt more than doubled on the previous year to E1.76 billion.
For 1999, the company said it did not foresee sales suffering badly from weakness in the Brazilian economy, where the company has substantial interests.
French cheesemaker Fromageries Bel, meanwhile, did not fare so well. Turnover in 1998 rose 2% on the previous year to E1.4 billion thanks to a good performance outside Europe. But net profit dropped 4.5% to E59 million. The company said this was due to increased investment in brand promotion.