A West Cork agribusiness co-op has recorded a pre-tax profit drop of over 50% last year as it earned €6.12 million.
Dirnagh Co-op, as reported by the Irish Times, felt the force of new accounting rules, where a fair value adjustment saw it take a €6 million hit to its investment income.
The group, however, did improve its operating profit with growth across all of its divisions, and its creamery volume and its mill output increased by 6.1% and 30.8% respectively.
The group also operates retail outlets across the country, and sales improved by 10.2% to €45 million.
Drinagh’s turnover for the year rose by close to 10% to €148.5 million, most of which, the Irish Times reports, is from the company’s creamery business.
“2018 will go down in history as one of the most difficult years for farmers in the area due to adverse weather conditions,” said chairman TJ Sullivan.
“Overcoming these [difficulties] and indeed to be in a position to report successes makes this an exceptional year.”
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.