Donegal Creameries this morning reported pre-tax profits of €5.9m for 2003, up two per cent on 2002.
The rise in profits is in spite of a small drop in sales to €134.7m.
Lower sales in the company's mushroom joint venture was to blame for a drop in turnover, the company said.
Earnings per share were up 4 per cent to 49.2 cents. A 5 per cent higher dividend of 12 cents was announced.
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The company said that while trading conditions in some of its operations were difficult in the first quarter of this year it believes it will deliver a 'satisfactory' performance for the full year.