State forestry body Coillte has reported profits of €35m for last year, up 37% on 2003, though profits fell in its forestry business.
Chairman Brendan McKenna said all profits had been reinvested in the business, while the body spent €52.3m on capital investment.
In its Coillte Forests business, the volume of logs sold was flat, but profits fell by 5% as there was pressure on log prices.
Coillte said the performance of its subsidiary SmartPly 'improved significantly', and an expansion of manufacturing capacity is being considered.
During the year, Coillte received planning permission for two more wind farm sites, bringing to nine the number of wind farm approved sites on its land. These sites are being developed jointly with wind energy companies.
