Donegal Creameries reports profits boost

Donegal Creameries has reported a near six-fold increase in half-year profit to €3.6m thanks partly to an increase in milk prices.

Turnover increased by 4.9% to €60.6m, with profit before tax increasing from €1.5m to just more than €4m.

The Group’s balance sheet showed with total assets of €111.7m, net asset value per share of €6.07 and shareholder’s equity of €62.5m. Net debt has decreased by 9.3% to €20.1m.

Basic earnings per share for the period ended June 30, 2010 were 35.7 cent increasing from 6.8 cent for the period ended 30 June 2009.

An interim dividend of 7 cent per share will be paid on December 3, 2010 to shareholders on the register on November 12, 2010.