Glanbia profits drop by 3.1 million euro
A good performance in the US cheese business and satisfactory progress in other areas of operation were offset by a difficult first half in the Agribusiness division and the chilled foods segment of the Consumer Foods division.
Moloney said that the strategic developments in Nigeria, New Mexico and Europe, and the evolving Nutritionals business, are all progressing well, however the trading environment in Ireland is expected to remain challenging for the remainder of this year. “We have taken strong proactive measures on costs, productivity and market positioning and the benefits of these initiatives will flow through during the next year. Given the current difficult trading environment we expect earnings for 2005 to be broadly in line with 2004. Glanbia continues to make solid underlying strategic and operational progress and we are confident of the Group’s future prospects“, he said.
The news came after the Kerry Group reported a 13 per cent increase in first-half, pre-tax profit to €130.9 million, in line with market expectations. Turnover in the six months to June 30 improved 8.3 per cent to €2.1 billion. The interim dividend was boosted 11.1 per cent to five cents a share. The strong profit result was achieved despite Kerry suffering a 10 basis-point drop in its trading profit margin to 7.6 per cent.
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