FOOD: Dairygold Co-Operative's profits rose 14.3 per cent to €13.25 million before tax last year, on increased sales of almost €964 million. Dairygold is the last co-operative at the top end of the dairy/food processing sector and is the third-largest milk processor in the State.
Operating profit before goodwill and exceptional costs was €25.3 million, up €2.34 million on 2000. Turnover rose 12.4 per cent to €963.98 million last year from €857.7 million. The increase was helped by higher prices for dairy products on international markets.
All the co-operative's divisions - dairy, meat and agri-trading - were profitable. Turnover in dairy products totalled €518 million, meat products brought in €236 million and the agri-trading division totalled just under €210 million. Livestock mart sales of around €5 million, down from almost €12 million in 2000, are not detailed in the co-operative's sales analysis but are included in the agri-trading turnover.
The operating profit of €25.3 million was reduced by an exceptional charge of €7.04 million, and interest payments for the year were slightly up at €7.38 million. Goodwill amortisation came to €1.1 million. Fixed assets stood at €303 million, compared with €274 million in the previous year.
Shareholders' funds stood at just under €297 million, compared with around €288 million in 2000.
Dairygold spent €12.4 million on acquisitions during the past year, which contributed €32.77 million to its turnover and €620,000 to profits. It took a 50 per cent stake in British cheese business First Milk.
It also incorporated the Roscrea pigmeat brand into its Galtee operation, but it did not acquire its slaughtering capacity in Roscrea, Co Tipperary. It also acquired ACR Foods, a small manufacturer of ready-to-heat meat products.
Dairygold employs 3,180 staff, mainly in Co Cork.
Meanwhile, pre-tax profits at North Cork Co-operative, based in Kanturk, Co Cork, rose 68.9 per cent to €1.22 million in 2001 on sales of €22.53 million, up from €20.96 in the previous year.
The increase in sales is due largely to stronger prices for casein, the co-operative's main product.
Shareholders' funds stood at €7.96 million at the end of 2001, compared with €6.88 million a year before. Bank borrowings increased from €191,730 to €432,980.
