Coillte set for loss this year

COILLTE, the state forestry board, is expecting to make a loss for 2009, as a whole, after seeing profits sink by more than €30 million last year.

The company’s full-year figures for 2008, published yesterday, showed a profit of just €9.2m — compared with a profit of €40.1m in 2007. Turnover for 2008 amounted to €249m, down from €318m the previous year.

As a result, the company has rowed back on its previous estimates of generating a turnover of €500m by 2012, but declined to say by how much it has revised its targets.