Northern Ireland’s second-largest dairy processor, Lakeland Dairies, has reported that operating profits for 2016 were down more than 50% from €16.5m to €7.2m (£6.2m), on a group turnover of €601m.According to Lakeland chief executive, Michael Hanley, the reduced profit was directly due to difficult dairy markets in 2016, and also the decision by the co-op to support milk price throughout the year to the tune of €16.5m.