Carbery group milking profits from vodka

Carbery Group has reported a jump in pre-tax profits of €5.3m for 2003, up from €3.9m the previous year.

The group, which is owned by four West Cork co-ops, said that the 2003 profit figure includes an exceptional profit of €800,000 on the sale of part of its stake in Roaring Water Bay Spirits Company, which produces the Boru vodka range.

Roaring Water Bay merged with US drinks distributor Great Spirits Corp in December to form a new company called Castle Brands.

Turnover at Carbery rose by 1% to €169.4m. The group said that there was increasing competition in the cheese market and that it had attempted to minimise milk price drops to farmers and suppliers against a background of poor cheese returns.