Dairy Board profits up by 10.2%

PRE-TAX profits at the Irish Dairy Board rose 10.2% to €36.5 million in 2003 after Irish dairy products benefited from drought conditions in international competitor Australia.

The Board also said that a recovery in world prices, coupled with a stronger global demand for dairy products, had contributed to a more balanced market last year.

The IDB, which exports Irish dairy products to over 90 markets worldwide, said an overall improvement in the global economic situation stimulated demand for dairy products. It said this improvement in export demand, allied to drought-related supply problems from Australia, led to stronger world prices generally.