Arrabawn back to black in 2009
A turnaround of more than €3.6m in the retained profits at Arrabawn Co-op will be reported to the shareholders at their annual general meeting to be held at Nenagh tomorrow.
Despite a significant drop in sales for both the dairy and trading divisions, the society will report profits of €1.64m for last year, compared to a loss of €2.2m for 2008.
The net debt of the society has been reduced by €2.26m, to €7.1m, and shareholder funds have increased by 5.6pc, to almost €29m.
The milk price paid to producers was down 28pc, at an average of 23.34c/l, while butterfat and protein levels were stable and the volume of milk processed dropped three million litres, to 214m litres.
Chairman, Michael Flaherty will report last year as having been the most difficult in the nine years since the enlarged society was founded.
He will tell the shareholders that the optimism, which he had expressed at last year's AGM, that milk price had bottomed out had not materialised in relation to the market, which did not deliver an upturn until October.
He will reveal to the shareholders that the society is examining sources of alternative energy to reduce the major cost to the society of fuel.