STRONG growth in investment income and from its 39 per cent stake in Carbery Milk Products has compensated for lower operating profits at west Cork co-op, Drinagh, with the result that pre-tax profits were up fractionally at £2.8 million. Sales fell by around £1 million to £53.9 million.

Operating profits from the non-Carbery business fell to £1.08 million, but Drinagh took in £1.74 million as its share of Carbery's total profits of £4.45 million. Drinagh's interest income also jumped from £102,000 to £368,000 while the co-op ended the year with net cash of almost £2 million.