Operating profits were €395,000 (before rationalisation) on a reduced turnover of €19.6m. The reduction in turnover was attributed to a downturn in product prices experienced earlier in the year, but which later recovered.
Mr Walsh said the past year was overshadowed by the impending introduction of the CAP reform proposals by EU Farm Commissioner Franz Fischler.
These will impact on the farming community and on the future of Irish agriculture.
Mr Walsh said North Cork Co-op has anticipated these changes and has been prudently preparing for the future.
General Manager Sean McAuliffe said the Society maintained its domestic market share for liquid milk and butter in what continues to be a very competitive marketplace, and successfully re-launched cream and dairy spread under Kanturk Dairies ‘Old Court’ brand. Stores trading activities again returned a satisfactory performance. Shop sales continued to improve, aided by a strong promotional programme, and there was a further increase in product range.
“In line with our policy of rewarding those who contribute towards its prosperity, the Society again issued bonus shares to shareholders who purchased feeds and fertilisers from our Town and Country Shops,” he said.