Donegal Creameries has reported adjusted operating profits of €3.4m for the year ending December 2010, up 14% from the previous year. The company's operational revenues were up 11% to €126m.
Donegal Creameries said the challenges in its dairy and property divisions were offset by a strong performance in its agri-inputs and associates and a satisfactory result in produce.
The company said it has reduced the value of its investment properties by €4.2m by the end of the year on professional advice. It added that it has no plans to dispose of any properties this year.
It said its dairy division had a disappointing performance, producing a result of €0.02m, down from €2.2m in 2009, due to a big increase in the cost of milk and a very competitive market in Ireland.
The agri-input division saw a return to profit and produced a result of €0.8m compared to 2009's loss of €2.4m. Its produce division saw results of €2.6m despite the poor weather conditions in the final quarter which delayed some shipments until 2011.
