Donegal Creameries profits rise 8% to €5.8m

DONEGAL Creameries announced yesterday that the group’s profitability had reached record levels but turnover last year was down, due mainly to lower commodity prices in the dairy division.

Described as a solid set of results by analysts, the group’s profit before tax and exceptional items rose by 8% to €5.8 million. Operating profit increased by 17.1% to €5.1m. Turnover fell by 2.9% to €135.3m.

John Keon, managing director, said dairy division turnover of €43.6m was down 8.3%. Profitability in the liquid milk area was up, due mainly to increased margins and volumes, as the group continues to grow its business outside the northwest region.