Coillte reports eightfold jump in profit amid strong demand for logs

FORESTRY company Coillte has reported an eightfold jump in its profits, from €4.2 million in 2009 to €32.1m in 2010.

The state-owned commercial enterprise yesterday unveiled an annual report with turnover up 21% to €250.4m, revenue of €7.9m from new products, and EBITDA up 19% to €65.6m. The group also reduced its net debt by €26.8m to €150.6m.

Coillte’s annual report said this growth was largely driven by strong demand and prices for logs sold to sawmills and higher prices for panel board products. The main challenges it foresees are market uncertainty, sterling weakness and price volatility.