Donegal Creameries says no agreement has been reached to sell its dairy division to Connaught Gold. In a statement issued to coincide with the release of half year interim results today, the company says it is engaged in discussions on a sustainable future for the dairy secor nationally under the auspices of the umbrella body ICOS.
Chief Executive Ian Ireland says discussions with neighbours form part of that wider process, but no deals have been made...........
In its results the company announced turnover from January to June of almost 69 million euro, up 13.5%, and operating profit of 857,000 euro, down 38%.
There were losses in the dairy division, but the company expects it to return to profitability in 2012. In the longer term, the company expects good full year results.
Ian Ireland says while elements of the business are cyclical and are vulnerable to shifts in the market and the economy, Donegal Creameries PLC has a balanced portfolio, and the future is bright............