Dairygold to pay milk suppliers and costumers €7.5m in bonuses
The North Cork co-op announced at its January board meeting that the 2013 year-end bonuses comprise a 0.5-cent per litre bonus on all contracted 2013 milk supply, a €7 per tonne rebate on all compound feed purchased, and a €5 per tonne rebate on all fertiliser purchased.
Dairygold chairman Bertie O’Leary said: “The board’s decision to award these substantial bonuses also recognises the great loyalty shown to the co-op in an expensive and challenging year for many of our farmer members, with significantly more farm inputs required, leading to record levels of feed purchased.”
The Dairygold board said that, following a successful year, the substantial bonuses were fully in line with the co-op’s ethos. It is due to issue its accounts in March for its financial year to the end of Dec 2013. Last year’s accounts showed pre-tax profits of €16.85m for the year to Dec 2012, down from €22.32m in 2011.
The co-op’s last accounts also featured a 0.35c per litre top-up payment on all 2012 milk and a milk production subsidy/refund of €5 per tonne on animal feeds sold to suppliers.
Overall, at around this time last year, the co-op paid out a 2012 year-end bonus of €4.3m to its milk suppliers and customers.
