Earnings down 57% at Donegal Creameries

DONEGAL Creameries said its border location, combined with sterling weakness, were factors in its 57% dip in earnings in the six months to end of June 2009.

Pre-tax profits fell from €3.5m to €1.5 million but notwithstanding the difficult background that caused the sharp fall in performance, the group is confident that it will deliver earnings of 30 cent per share for the full year.

It said it is operating in an environment that is currently proving difficult for both farmers and the group to cope with.