03/04/2002
Fane Valley reports drop in pre-tax profits
Farmer's co-operative Fane Valley have reported a drop in annual pre-tax profits, which have fallen from £1.37 million to £1.17 million.
The company, which employs 250 people in Northern Ireland, posted the results following a period which saw the local agri-food sector come under the onslaught of foot-and-mouth disease, in addition to the adverse influence posed by an oversupplied dairy market, due to increased production in New Zealand, South America and India.
Commenting on the profit loss, Fane Valley chief executive, David Graham, said: "Although down slightly, this must be considered an excellent result when we remember last year was one of the most difficult ever faced by the industry."
Formed in 1903 by local farmers seeking to improve the marketing of their produce, Fane Valley has diversified from a producer of butter to being a leading company within the Northern Ireland agri-food sector.
The Society now is involved in the processing of milk, red meat, cereals, potatoes, animal feeds and supplies farm requisites to farmers.
(CL)
The company, which employs 250 people in Northern Ireland, posted the results following a period which saw the local agri-food sector come under the onslaught of foot-and-mouth disease, in addition to the adverse influence posed by an oversupplied dairy market, due to increased production in New Zealand, South America and India.
Commenting on the profit loss, Fane Valley chief executive, David Graham, said: "Although down slightly, this must be considered an excellent result when we remember last year was one of the most difficult ever faced by the industry."
Formed in 1903 by local farmers seeking to improve the marketing of their produce, Fane Valley has diversified from a producer of butter to being a leading company within the Northern Ireland agri-food sector.
The Society now is involved in the processing of milk, red meat, cereals, potatoes, animal feeds and supplies farm requisites to farmers.
(CL)
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.