Irish Dairy Board profit falls to €24m

THE sharp downturn in global dairy markets since 2007 saw 30% wiped from the operating profits of the Irish Dairy Board (IDB) in 2008. Results for the year show that profits fell from €34.7 million in 2007 to €24.3m as the group cut prices to compete in markets hit by the global recession.

Interim chief executive Dr Seán Brady described 2008 as “a year of two halves”, with the second six months delivering a significant profit improvement from the consumer and ingredients divisions.

Conscious that prices at the farm gate have been slashed to 20/22 cent per litre — to levels not seen since 1983, Dr Brady warned the tough market conditions would prevail for most of this year.