Glanbia sees 2010 profit rising up to 8pc
Food group Glanbia said profit may increase as much as 8pc this year as economies strengthen and demand for its dairy products improves.
While Glanbia remains “cautious,” earnings may rise 6pc to 8pc this year, the Kilkenny-based company said in a statement today. Adjusted per-share earnings fell to about 30 cents to 31 cents in 2009 from 35.9 cents a year earlier, it said.
Profit last year was partly affected by a “major first- time loss” at the dairy ingredients unit.
The performance at the consumer products division, where the company reduced prices to boost demand, was helped by cost-cutting measures. Glanbia plans further cost-savings at its dairy business this year, the company said, without providing details.
“Trading conditions improved somewhat in the later stages of 2009 with an uplift in global dairy and US cheese markets,” Glanbia said. “However, markets remain volatile and consumer sentiment is fragile.”