Commodity slump hits Golden Vale
GOLDEN VALE, the Irish foods company, reported underlying profits up 16% from 26.6 million (16.27) to 30.9m.
But this largely offset the impact of falling commodity prices on its loss-making dairy operation.
The commodity price fall was in line with European Union policy to reduce farm price support.
It resulted in the dairy business incurring a 700,000 loss at the operating level, against a 2m profit last time.
Golden Vale is a co-operative 30% owned by individual farmers. The ready-made and convenience foods division increased operating profits 32% to 34m.
- Golden Vale pre-tax profit up 11%, FWi, 12 August, 1999
- Golden Vale reports 62% surge, FWi, 07 August, 1998
- Agritrade declines at Golden Vale, FWi, 12 February, 1998
- The Times 17/02/2000 page 34 (Business Roundup)