Centrale del Latte d'Italia lose €4.1M in first 9 months
The Company is the third-ranking Italian player in the fresh and long-life milk market
The Board of Directors of Centrale del Latte d’Italia – a company listed, since 2001, on the STAR segment of Borsa Italiana and currently the third-ranking Italian player in the fresh and long-life milk market, with leadership positions in Piemonte, Liguria, Tuscany and Veneto – today approved the results at 30 of September.
Centrale del Latte d'Italia closed the first 9 months of 2019 with consolidated net revenues of 131 M Euros compared to 133.8 M Euros of 12 months before, a gross operating margin of 4.5 M Euros (from 5.4 million euro at 09/30/2018) and a net operating margin increased from 418 thousand Euro at 09/30/2018 to a red of 2.9 M Euro. The period thus closed with a consolidated net result after tax losses of 4.1 Million Euros, compared to the negative net result of 579 thousand Euros in the first 9 months of 2018. At the end of September the group's financial position was negative for 84.7 M Euros compared to the negative figure of 73.7 M at the end of 2018.
"The reasons for the loss - explains a statement from the company that accompanied the presentation of the results yesterday - are mainly due to the drastic increase in the price of raw milk (+ 9.6% the price of raw milk national spot compared to the same period in 2018 ) and the decreasing trend in the consumption of fresh milk by Italian families. In light of this, in order to reduce the impact of these events on the Group's accounts for the current year, the company has implemented actions aimed at downsizing of some expense items, to the strengthening of their market positions and to the start of a new update of the sales lists towards customers".
EFA News - European Food Agency