Donegal Creameries profits down almost 57%

Dairy group Donegal Creameries has announced a 56.8% fall in profits before tax to €1.5m from 3.47m compared to the first half of last year.

Announcing its results for the six months ended June 30, 2009, it also revealed that group turnover declined by €11.9m.

Adjusted earnings per share was down by almost a half, from 24.8c to 14c.

Revenue in the period endured a 17.1% fall from €69.64m to €57.72m.

The Group’s balance sheet shows total assets of €111.2m and equity of €62.6m. Net debt has fallen from €26.7m at the year-end to €22.2m reflecting a reduction in both working capital requirements and capital expenditure.