Coillte has announced profits of €25.5m for 2003, up 36% on the previous year, and further growth is forecast for 2004.
At the AGM of the Irish state forestry body in Dublin chief executive Martin Lowery said: “The improved result in 2003 was based on good performances in the group’s forestry, land-based and added-value processing operations, coupled with efficiency improvements across the group and good control of central costs.”
Revenue from timber sales in the group’s forestry business, Coillte Forests, increased by 13% on 2002. The volume of sawlog sold reached record levels, increasing by 6% to 1.88 million m3 in 2003.
Volumes of pulpwood decreased by 16% despite increased sales to Coillte’s SmartPly Europe which itself reduced losses by 50% in 2002, and moved into profit in 2003, a year ahead of target.
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“The result was based on good performances in forestry, land-based and added-value processing operations, coupled with efficiency improvements and control of central costs” |
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Coillte chief executive Martin Lowery |
Fortunes were mixed in 2002 across Coillte Enterprises, which manages Coillte’s non-forestry businesses including wind farm sites, forestry services and landscaping businesses.
Looking to 2004, Coillte chairman Brendan McKenna said the group is firmly focused on developing into a balanced commercial enterprise with strategic interests in forestry, land-based businesses and added-value processing operations.
A proposed strategy for 2004-2013 is being discussed with the Minister for Agriculture and Food and Mr McKenna said he looked forward to Coillte growing substantially in the coming decade.
