Pre-tax profits at Wyeth Nutritionals based in Co Limerick which sells baby food formula to China fell 11.5% to $11m (€9.8m) last year. New accounts filed by Wyeth Nutritionals Ireland Ltd show its revenues fell 23% to $502m even as volumes of the infant formula sold to China increased.
The directors in the accounts said this was due to a change in the financial and supply flow of products introduced in April last year. Wyeth Nutritional Ltd, based outside the village of Askeaton in west Limerick, paid out a dividend of $40m, down sharply from the payout of $1.1bn in 2017.
The directors state they are satisfied with the firm’s performance indicators for the year. Staff numbers fell from 628 to 618, while staff costs increased from $89.9m to $92.9m. The demand for the company’s products in China remains sky high and its baby foods are made from 50 million gallons of cows’ milk each year.
Wyeth is owned by Nestlé and along with other large companies, including Abbott, Danone and Kerry, help make Ireland one of the top suppliers to the infant formula to China. The China market is increasing for Irish players following the China’s decision four years ago to abandon its controversial one-child policy.
Pre-tax profits at Wyeth Nutritionals based in Co Limerick which sells baby food formula to China fell 11.5% to $11m (€9.8m) last year.