Connacht Gold operating profit increases to €3.1m

CONNACHT GOLD yesterday reported operating profits of €3.1 million for 2004 compared to €2.6m in 2003, but exceptional charges relating to reorganisation saw the co-op recording a pre-tax loss of €4.1m.

However, the society, operating in the Connacht countries and Donegal, said the balance sheet remains strong, with shareholders funds of €38m and net debt reduced by some €4m to €11.1m. It said an adjustment has been made to the prior year’s result, reflecting a worsened outcome from the Carbury mushroom business prior to its merger with Monaghan Mushrooms.

Chief executive Aaron Forde said the co-op turned in a good performance at operating profit level while improving milk price and putting some foundations in place for the future.