Coillte reports profit of €35m

COILLTE, the State forestry group, yesterday reported profits of €35.07m for last year, up 37%.

The group said it performed well in most areas with a solid performance in its forestry business, improved performance at subsidiary manufacturer SmartPly Europe and good results in its land-based operations.

Brendan McKenna, chairman, said all of the profits generated were reinvested in the business. Capital expenditure amounted to €52.3m, funded from the group’s own resources and grants. Over 80% of this figure was spent on reforestation of sites previously harvested, forest road building, afforestation of new sites, and estate improvement.