Irish food and agribusiness Donegal Creameries has reported a 67.5% decrease in profit after tax for the six months to 30 June 2005.
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First-half profit after tax was €0.95m (US$1.14m), compared to €2.91m a year earlier. Operating profit decreased by 70.9% reflecting difficult trading conditions in both the dairy and agricultural and other trading sectors.
Turnover was down 16.5% to €54.5m from €65.2m a year earlier, partly due to the turnover from the company’s mushroom operations no longer being included; this business is now treated as an associate following the merger of Carbury and Monaghan Mushrooms in June 2004.
“Trading conditions remain difficult in many of the group’s businesses but the board remains confident of the future and the key objective continues to be to remain as a strong integrated player in the dairy and agricultural and other trading sectors. The group continues to seek development opportunities both in its existing businesses and through acquisition and cost control remains paramount. The group also continues to look at ways to maximise the value and benefits of its property assets,” the company said.
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