State forestry company Coillte has reported profits of €25.5m for last year, up 36% on 2002.
The company described its performance as solid, with higher revenue from log sales and its land-based businesses offset by losses in the nurseries and planting divisions because of cutbacks in the national forestry programme.
Timber sales at Coillte Forests climbed by 13%, helped by strong demand for construction timber, fences and lifestyle products.
Coillte said SmartPly Europe, which it acquired in 2002, moved into profit a year ahead of target after a restructuring programme.
Chairman Brendan McKenna said the group was currently having talks with the Minister for Agriculture on its strategy for the coming years.
