Agribusiness group Glanbia today reported a 5.4 per cent increase in first half profits.
The company said pre-tax profit before exceptionals was €37.56 million for the first six months to July.
However, turnover fell by 15.7 per cent to €1.05 billion as the company disposed of its UK meat businesses.
The company declared an interim dividend of 2.06 cent per share, up 5 per cent.
The company said: "Overall the group benefited from growth in profits in consumer foods and agribusiness operations.
"Food ingredients had an excellent operating performance, but results were impacted in the period by difficult market conditions and the strengthening of the Euro," it said.
Company chairman Mr Tom Corcoran said: "Glanbia is continuing to make good progress in 2003, benefiting from increasing focus on value-adding products and market sectors."
Mr Corcoran said: "Nonetheless, difficult trading conditions, including currency movements, are persisting, particularly in key commodity markets served by the group.
"The Board is confident that the initiatives currently underway to build Glanbia's position in its chosen sectors will deliver earnings growth in future years," he added.