Cremonini sale to JBS boosts profits

The Gross Operating Margin (EBITDA) amounted to EUR 62.5 million, up by 8.2 percent compared to EUR 57.8 million for 2007, while the Operating Result (EBIT) was EUR 40.1 million, up by 7.7 percent compared to EUR 37.2 million for the same period of 2007.

The pre-tax profit was EUR 51.6 million compared to EUR 22.2 million for 2007.

The Group's net profit in the half-year amounted to EUR 31.7 million compared to EUR 2.1 million for 2007, mainly as an effect of the non-recurring net income relating to the sale of 50 percent of the production sector to JBS S.A.

The production sector, which covers beef processing in particular, showed positive results, thanks to subsidiaries, which recorded total revenues of EUR 360.6 million in the period, a rise of seven percent compared to EUR 337.1 million for 2007.

EBITDA was EUR 19.3 million compared to EUR 14.1 million in 2007 and EBIT was EUR 8.9 million compared to EUR 4.1 million in 2007.