Coillte profits climbed 20% last year
Tuesday, 22 May 2001
Profits at the state forestry body Coillte rose by 20% to 25.5 million euro last year, according to its annual reports and accounts.
Chairman Ray McSharry said the increase came from increased log sales and a strong performance in the non-timber businesses, which accounted for 32% of revenue compared with 26% five years ago.
Chief executive Martin Lowery said the good results in these areas were offset somewhat by a lower contribution from Louisiana Pacific Coillte Ireland, its joint venture oriented strand board manufacturing plant in Waterford.
Turnover was up nearly 10% to just over 123 million euro. Revenue from timber sales grew 7.5% to 84.5 million euro. Mr Lowery said the market for sawn timber remained strong because of the demand for new houses.
Revenue at Coillte Enterprises increased by over 10%, with strong performances in civil engineering and environmental services, woodland services and property leases.
Mr Lowery said this year had started slowly because of sluggish demand for logs and the effects of foot and mouth restrictions.
