In Short

A round-up of today's other stories in brief.

Companies based in Republic set to invest over £8m in Fermanagh

Two companies based in the Republic have announced new investment projects totalling more than £8 million for Co Fermanagh.

Kerry Foods is to inject £2.9 million (€3.7 million) into a processing plant in Enniskillen while Mayo-based Western Brand Poultry intends to invest £6 million at an operation in Lisnaskea. Both projects are being backed by the North's economic development agency Invest Northern Ireland to the tune of more than £949,000.

3 Ireland owner says firm making 'progress building its network'

HUTCHISON WHAMPOA, the Hong Kong conglomerate which owns mobile operator 3 Ireland has said the Irish firm is making "steady progress building its network and business".

Hutchison made the comment in a statement accompanying its annual results which showed earnings before interest and taxes grew 26 per cent to HK$64.2 billion (€5.2 billion) in 2007. The combined UK and Ireland operations of 3 had revenues of £1.59 billion (€2.01 billion) but the entire 3 group lost HK$17.9 billion.

 Northern Foods issues revised profit forecast for Irish arm

NORTHERN FOODS, the maker of Goodfella's pizzas and owner of Donegal Catch and Green Isle frozen foods, has reduced its profit forecast for its Irish operation by €1.9 million (£1.5 million) because of the strength of the euro against the pound, it indicated yesterday in a statement.

But the company, which is one of the main food suppliers to Marks & Spencer, said its overall annual profits will exceed analysts' estimates, after its fourth-quarter sales benefited from its recouping of higher ingredient costs.

Depfa owner issues profit warning

GERMAN COMMERCIAL property lender Hypo Real Estate, which acquired Dublin-based public finance provider Depfa Bank last year, has warned investors that it faced writedowns and could miss its 2008 profit target of €1 billion in the wake of market volatility.

Hypo said the integration of Depfa had proceeded "more rapidly and less expensively" than planned, which would help the company achieve its targeted return on equity of 15 per cent in 2010.

© 2008 The Irish Times

This article appears in the print edition of the Irish Times