Donegal Creameries reports fall in profits but dairy sector holds up well

DONEGAL Creameries has reported a sharp fall in profits for 2009, which at €46,000 were well off the €739,000 achieved in 2008.

Turnover in the period fell from €129.8m to €113.2m, while adjusted earnings per share rose marginally from 46.1 cent per share to 48.9 cent. Dividend for the year was maintained at 16 cents per share.

The results show that the biggest impact on the group’s performance last year was in its property portfolio. There were no sales or acquisitions, but Donegal reduced the carrying value of the assets by €5m in 2009.