Donegal Creameries announces drop in profits
28/04/2006 - 10:55:55Donegal Creameries PLC today announced a drop in operating profits form €0.6m to €0.1m for 2005, blaming price pressures on commodity dairy products for the fall.
However,group turnover for the year increased marginally from €111.5m to €111.7m.
Profit before tax increased from €2m to €3.6m, an increase of 80% due to profits of €3.9m on disposal of financial investments.
Investment property held by the group, consisting of the An Grianan farm, the Letterkenny student residences and the Campsie warehouse, have been re-valued by the directors from €12.4m to €25.2m resulting in a revaluation surplus of €12.8m.
This revaluation contributed to an increase in net asset value per share from €3.92 to €5.35, an increase of 36%.
