Coillte, the state-owned forestry company, says its profits last year jumped to €32.1m from €4.2m in 2009 on the back of strong demand and higher prices for its products.
Turnover for the year was up 21% to €250.4m, with €7.9m in revenue from new products.
The company said the increases were as a result of strong demand and prices for logs sold to sawmills and higher prices for panel board products in UK and European markets.
It said that after the difficult years of 2008 and 2009, its construction sawn-wood exports rose considerably and they now have a 7% share of the UK market.
'We made very good progress during 2010 delivering on our strategy for growth across our key areas of business - forestry, panel products, land management and renewable energy,' commented Coillte's chief executive David Gunning.
The company increased its capital expenditure programme last year by 12% to total €45.5m. Over 70% of these was invested in replanting forests. It also continued to invest in telecom mast sites and in developing its renewable energy strategy.
Last week's McCarthy group on State assets said the State should start selling off Coillte's forestry and non-forestry assets, but not its forest land. It says unforested land which Coillte does not need should also be sold.
Looking ahead to 2011, Mr Gunning said all indications are pointing to a more difficult year due to continuing recessionary pressures in Ireland and economic growth of just 2% in the UK.
