Coillte profits close to €18.74m but hit by budget cutbacks

THE semi-State forestry company Coillte announced yesterday its profits for last year were up 2% to almost €18.74m. But it estimated a negative profit impact of €1m in 2002 and €2.5m in 2003 due to budget and Government cutbacks.

The group’s annual results showed it performed solidly in most areas with increased log sales, improved performance at oriented strand board manufacturer SmartPly Europe and good results in its land-based businesses.

But it was a difficult year for the company’s forestry services, responsible for tree planting, and nurseries, both of which were severely affected by the Government cutbacks announced last November.