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Profit rises at Donegal Creameries
Turnover at Ireland’s Donegal Creameries rose 4.9% to €60.6m in the first half of the year, with profits also climbing as dairy prices rose and the agri-inputs business saw a ‘significant turnaround’.
Profit from continuing operations was up by €2.5m in the six-month period to 30 June 2010 to just over €4. Operating profit increased by €1m to €1.4m.
Donegal Creameries said it had achieved significant growth achieved on sales of new added value dairy products, and turnover in the dairy division was up 21.9% to €28.2m.
The agri-inputs business recorded a profit of €600,000, reversing its loss of €1.6m in the same period a year earlier.
“We have had a satisfactory performance in our dairy division and the produce division is well positioned to deliver a solid performance for the year,” said chairman Geoffrey Vance. “The difficult trading circumstances encountered by the agri-inputs division in 2009 have been resolved and we are pleased to report the business is back on track.”
Source: Irish Times
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