Irish forestry company Coillte has seen its profits increase by 79% during 2007.
The company tabled profits of €40.1m over the year, compared to €22.5m in 2006, from turnover of €318m.
Exports accounted for over half of the company’s sales, with the UK remaining the largest market and Medite MDF and SmartPly OSB, part of the Coillte Panel Products business, generating the bulk of sales.
Coillte said that strong customer demand coupled with high log and wood prices were the main drivers behind the massive jump in profits, with log sales breaking the €100m barrier for the first time at €106m.
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