Donegal Creameries profits rise despite fall in sales

PROFITS were up at Donegal Creameries last year but turnover was slightly down due to lower sales in the company’s mushroom joint venture, which was hit by the stronger euro.

The food group yesterday reported preliminary pre-tax profits of €5.9 million, an increase of 2% on the previous year, despite an 0.5% drop in sales to €134.7m.

Sales fell in the group’s agri-retail stores and in its animal feed business, but dairy sales rose by nearly 10% to €47.9m. Earnings per share were up 4% to 49.2 cent.