Coillte report 79% growth in profits

Coillte today announced 2007 profits were up 79% to €40.1m, from €22.46m in 2006.

The State-owned company operating in forestry, land management, renewable energy and panel products, said the main drivers were high log and wood panel prices and strong customer demand, which resulted in strong performances by the Forest and Panel Products divisions in particular.

During the period Coillte recorded turnover of €318m, up 48.8% on 2006.

Exports accounted for 54% of sales.

The largest export market was the UK with Medite MDF and SmartPly OSB panel products generating the bulk of sales there.

The year also saw log sales break the €100m mark for the first time at €106m.