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Moy Park owners post £18m profit after revamp

The owners of Northern Ireland's largest poultry processor have recorded a profit of £18.3m, just a year after making a £38m loss.

The figures were revealed in a financial report filed at Companies House in Belfast by food giant, Mafrig.

Moy Park was sold to the Brazilian company in 2008 for £450m.

A restructuring programme in 2008 to improve business performance helped contribute to the company's profits in 2009.

The company's financial report shows that despite the "challenging conditions" faced by the food industry, Mafrig increased its sales by almost 6% from £737.7m to £780.6m in 2009.

Moy Park employs 6,920 full and part-time staff in Northern Ireland, England and France.

In May, Moy Park announced it was acquiring rival chicken processing firm, O'Kane Poultry, based in Ballymena, for an undisclosed sum.

However, there are ongoing fears that the takeover process could result in up to 30 redundancies.

Moy Park was heavily advertised during the 2010 football World Cup in South Africa alongside international brands like Adidas and Coca-Cola during England's match against Germany.