Pre-tax profits at Coillte trimmed back by 25%

Pre-tax profits at Coillte have fallen by 25% according to their annual report.

The national forestry body which employs 1,000 people reported a pre-tax profit of €16.4m down from €20.7m in 2011.

Acting chief executive Gerry Britchfield said, despite market conditions, the company had performed well: “Coillte delivered a strong financial performance in 2012, a challenging year in our main markets, and I am pleased to report that we delivered an operating profit of €35m.”

The report showed the yawning deficit in the Coillte pension fund had increased by €26m, rising from €136m to €161m.

The report also showed that in 2012 the company’s former CEO, David Gunning, who left Coillte in March 2013, received a remuneration package of €372,000.

Mr Britchfield said that the company had been hit by the global downturn in construction which had seen the demand for timber fall, but the company was looking at new ways to manage and commercialise forests.

Coillte said in a statement they were fully supportive of the Government’s decision to merge the company with Bord na Mona: “Coillte is confident that the outcome of the restructuring process will provide a strong platform to capture the significant future opportunities for growth available to the company and so enhance its performance and contribution to the State.”