Despite foreign exchange translations resulting in bigger declines in earnings, Glanbia has no plans to start reporting its financial results in dollars, according to the Irish Independent.
Last week, Glanbia reported that its total group profit for the first half of 2018 has fallen by 14.5% to €98.2 million.
Currency Translation
EBITDA for the period from continuing operations was €123.7 million, which was a decrease of 7% on a constant currency basis, however, it had fallen 16.6% on a reported basis.
80% of the group’s revenue is derived in dollars, and figures are heavily affected by the euro-dollar translation.
Chief executive Siobhán Talbot revealed that the company had considered in the past reporting in dollars.
"We don't have any decision made about dollar reporting, but I think our shareholders have become very clear that when we think of the business, we think in the constant currency metric," she said.
"Quite honestly, rather than incurring all the necessary costs that you'd have to do to report in dollars, I'm not sure that it would be any particular benefit."
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.
