Irish food processor Glanbia saw profits fall sharply in the first half of its financial year (six months to 3 July).
The companys pre-tax profit before exceptional items dropped 44.6% on the same period in 1998 to r24.7 million. After taking account of costs incurred as a result of the companys disposal of its UK liquid milk and Irish beef operations, this became a r68.1 million loss.
Group managing director Ned Sullivan said: