Irish-based food and agribusiness Donegal Creameries has announced a sharp fall in profit in the year to 31 December 2004, blaming difficult trading conditions, particularly in the dairy and potato businesses.
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Profit before tax fell to €2.0m (US$2.5m) from €4.5 million in 2003.
Group turnover fell to €118.3m from €134.5m the previous year. “This was primarily due to the merger, in June 2004, of the group’s mushrooms operations, Carbury Mushrooms, with Monaghan Mushrooms, following which the Group’s interest is now treated as an associate and turnover is not consolidated,” the company said.
