Creameries positive despite fall in profits

DONEGAL Creameries has given a positive outlook for the full year, despite a tough first half which saw year-on-year profit decline and an increase in net debt.

The Letterkenny-based dairy and agri-services company yesterday reported a pre-tax profit of €805,000 for the first six months of 2011. This was down by €3.23 million on the corresponding period last year.

After-tax profit, for the period, was down by €2.77m on a year-on-year basis to €862,000. Earnings per share came in at 8.5c; down from the 35.7c generated in the first half of 2010; but group revenue rose by 13.5% year-on-year to €68.75m.