Tipperary Co-op profits rise 5% to €0.9m

TIPPERARY Co-op Creamery yesterday announced pre-tax profits of €0.9 million for 2003, on a turnover of €110 million, a 5% rise on the previous year.

During the year, the Tipperary Town based Society had a cash inflow of €2.9m, and capital expenditure of €1.8m. At year end, it had assets of €25m and minimal bank borrowings.

Chairman Seán Murray said profitability for the year had to be seen in the context of the continuing tight dairy profit margins and strong milk prices paid by the co-op. Profits were also affected by the strength of the euro against the dollar in its US business.