Doom report on future of Irish sugar industry ‘has significant shortcomings’

THE analysis in a report by the European Commission that a proposed 39% cut in prices might wipe out the sugar industry in Ireland suffers from a few significant shortcomings, it was claimed yesterday.

Goodbody Stockbrokers analyst Liam Igoe said the report, which suggests the sugar industry in Ireland may no longer be profitable if proposed price cuts go ahead, is based on incomplete beet productivity figures.

“Firstly its stats are apparently based on total sugar beet production in Ireland, whereas some is in fact used as animal feed,” said Mr Igoe.