Coillte profits slide to €4m

STATE-OWNED Coillte, a forestry and renewable energy company, has reported a profit of €4.2 million for 2009, down from €9.2m in 2008.

The company reported a profit even though its management expressed concerns that it could record a loss for last year. The company made a profit of just over €40m in 2007.

Chief executive David Gunning called 2009 “a challenging year“, with price and margin pressures evident in all our businesses”. He said: “In response, we took decisive action, working with our sawmill customers to increase their exports to Britain; we boosted sales of our panel products, also into the UK; we reduced our operating costs by €24m and we refinanced our business.”