The Dairy Board has said that its profits increased by ten per cent last year, despite a global decline in the industry. Turnover reached £1.4billion. The Dairy Board is Irelands biggest single exporter, the board is a co-operative of the countries co-ops and dairy companies. Its job is to market their products in almost 100 countries worldwide using the Kerrygold brand.
In 1998, the board’s turnover increased by 8.4% to 1.4 billion pounds. Operating profits were up 10.1 % to 26.3 million. However, profits after taxation were down marginally to 17 million because of exceptional costs due to sale of an American subsidiary.
Dairy farmers across the country can expect to share a £6m pound bonus from last year’s performance. Chief executive, Dr. Noel Cawley, said that the continued decline in world dairy prices this year will pose difficulties in some countries and he warned that the outcome of the world trade talks at the end of the year would be crucially important.
