The former Hungarian unit of troubled Italian dairy giant Parmalat racked up losses of Ft 2.05 billion in the in the twelve months to January, 2006, including the difference between the book value of assets sold during the unit's liquidation and their actual sale price, business daily Napi Gazdaság reported on Tuesday.
Excluding losses from the sale of equipment and other assets, Parmalat Hungária had losses of Ft 433 million in 2005, which, compared to other dairy companies in Hungary, was not unusual, Parmalat's bailiff Ferenc Somogyi told Napi Gazdaság.
Somogyi revealed the figures from the company’s closing liquidation statement, which was recently submitted to the Fejér County Court. Parmalat’s losses include Ft 656 million from written-off receivables. The company's creditors, including dairy farmers, can expect to be paid about half of their receivables, Somogyi said, adding that other categories of liabilities will not be paid. Parmalat Hungária went under liquidation in April 2004.