Profits plunge €14m at Dairygold

PROFITS before tax plunged from €15.9 million to €1.3m in 2008 at the north Cork-based Dairygold Group.

In one of “the most challenging [years] on record” the society said the dramatic downturn in global dairy hit dairy prices hard turning bumper results of 2007 on their head. Operating profits of€2.3 million contrasted sharply with the figure of €21.4m in 2007.

Rising costs including energy, fertiliser and feed ingredients all rose sharply and hit the bottom line hard, the company said.