Milan, May 14 - Italian dairy company Parmalat confirmed its guidance for this year after turning in a big boost to first-quarter net profit on Thursday, boosted by proceeds from legal settlements related to its 2003 collapse.
Parmalat, which produces long-life milk and fruit juices, said it still sees earnings before interest, taxes, depreciation and amortisation (EBITDA) in the range of 310-320 million euros, below last year's 330.6 million euros ($448.1 million) at constant exchange rates.
"There are no reasons to change the (2009) guidance that, assuming constant exchange rates, calls for revenue growth of 2 percent to 4 percent ... (considering) the macroeconomic and competitive context," it said in a statement.
In a conference call with analysts, Chief Executive Enrico Bondi said Parmalat was studying a number of dossiers for possible acquisitions but had not concluded anything.
First-quarter net profit nearly doubled to 176.3 million euros, citing "improved results from industrial operations and higher net proceeds from litigation settlements".
The settlements relate to claims linked to its 2003 collapse, when Parmalat buckled under 14 billion euros of debt after uncovering a 4 billion euro hole in its accounts. It was restructured and relisted on the Milan bourse in 2005.
Parmalat said it still has 15 pending cases in Italy, with a nominal value of about 300 million euros.
EBITDA rose 13.3 percent to 72.4 million euros.
Net revenues fell 3 percent to 899.4 million euros. At constant exchange rates, they rose 5.4 percent to 942.1 million euros, thanks to an increase in prices to offset a rise in raw materials.
Shares closed down 3.61 percent at 1.524 euro before the statement came out.