Parmalat: 18% less profit

The result is lower than that of 2007 not only due to the abovementioned reasons but also due to the negative impact in unit sales, the higher fixed production costs and the marketing expenses.

Net
revenues totaled 926.9 million euros in the first quarter of 2008, or
58.2 million euros more (+6.7%) than the 868.7 million euros reported
at March 31, 2007.

EBITDA
totaled 69.5 million euros in the first three months of 2008 that,
taking into consideration the foreign exchange rate effect and
holding company costs (non-recurring costs), decreased to 63.9
million euros.

In Italy, revenues increased to 302.6
million euros, or 10.1% compared that the 274.8 million euros
reported at March 31, 2007. EBITDA amounted to 24.7 million euros,
compared with 28.0 million euros earned in the first quarter of 2007
(-3.2 million euros).

After January 1, 2008, the cost of raw
milk continued to rise in Italy, increasing by about 13%, but this
increase could not be passed on to retailers and consumers
immediately, due to the fixed sales terms that were in effect until
new 2008 sales contracts were executed.

In Canada, first-quarter revenues
totaled 295.4 million euros, for a gain of 3.7% compared with the
284.7 million euros booked in 2007. EBITDA grew to 23.7 million
euros, or 1.2 million euros more than the 22.5 million euros reported
at March 31, 2007. Compared with the first quarter of 2007, the ratio
of EBITDA to net revenues improved by 0.1 percentage points, rising
to 8.0%.