Glanbia's pre-tax profit for half year up 11 percent

Transnational dairy food company Glanbia said on Wednesday its pre-tax profits for the half year reached 176.5 million euros, an increase of over 11 percent on the same period in 2015.

The company, primarily based in Ireland, attributed the increase to its performance nutrition business, where pre-tax earnings amounted to 81.7 million euros, a 35 percent increase on prior half year on a constant currency basis.

In its interim report, the company said its group revenue was just below 1.84 billion euros, down around 2 percent on the same period last year.

Despite weak global dairy markets, the company reiterated its guidance for full year growth in earnings per share of 8 percent to 10 percent.

"Global dairy markets remain weak and continue to be a challenge for parts of the business, however the diversity of the Glanbia portfolio has enabled us to navigate this and we reiterate guidance for the full year of adjusted earnings per share growth of 8 percent to 10 percent on a constant currency basis," said Glanbia Group Managing Director Siobhan Talbot.

Irish dairy products have a reputation of being natural and wholesome, because the country has some of the best grazing land for cattle in Europe along with a favourable climate for dairy production. Ireland now produces around 6.4 billion litres of milk per year. (1 euro = 1.13 U.S. dollars) Endit