Falling dairy prices sink Glanbia H1 profit

Irish food group Glanbia saw a 28-percent drop in its first half earnings due to a sharp decline in global dairy prices and weaker consumer spending.

For the six months ended July 4, pre-tax profit dropped to EUR38 million from EUR53.1 million in the previous year.

Operating profit also fell 15.4 percent on-year to EUR47.8 million, while revenue dropped 14.6 percent to EUR994.9 million during the period.

Managing director John Moloney said while the company remains cautious in their outlook, the overall decline rate is expected to moderate in the second half.

US$1 = EUR 0.701540 (Aug 27)