Donegal Creameries’ profits fall sharply in downturn

DONEGAL Creameries was hit by the decline last year in global dairy markets and suffered a sharp fall in profits as a result of shrinking demand.

The group’s financial figures for 2008 show sales rose 3.4% to €129.9 million, while profits at the operating level fell sharply from €9.3m to €5.8m.

Last year’s profit figures were boosted by a €1.1m gain from the revaluation of an investment property in the group’s portfolio.