Centrale Laitiere, the Moroccan dairy product maker, saw full-year earnings inch up 2% in 2008 as property taxes weighed on strong sales.

The company, in which Danone holds a 29.2% stake, posted net profit of MAD467m (US$56.5m). Operating profit climbed 21%, with turnover rising 17% to MOR5.26bn.

Centrale Laitiere said a move to new IFRS accounting rules led to net profit being “ negatively affected … after the integration of theoretical taxes on potential gains from land sales”.

Without the switch, net profit would have led 21%.