Coillte has today announced profit after tax of €19.9m for 2011.
The natural resources company today also announced the payment of a €2m interim dividend for 2012 to its shareholders, in addition to the €10m dividend paid to the Exchequer in 2011.
Profit after tax is down from €32.1m in 2010. The 2011 results include exceptional items of €9.1m compared with €1.4m in 2010. Operating profit before exceptional items was €41.5m in 2011, down from €46.1m in 2010.
“These results demonstrate that we have successfully managed to reposition Coillte as a sustainable export-led business which continues to thrive,” said Coillte CEO David Gunning. “We have successfully targeted export markets and working closely with our sawmill customers, have transformed the timber sector in Ireland from a position five years ago where 10% of sawmill output was exported, to today where over 60% of Irish timber is exported, primarily to the UK, but also to other international markets.”
“This export focus is also reflected in our panel products business, which manufactures SmartPly Oriented Strand Board (OSB) and Medite Medium Density Fibreboard (MDF). “In 2011, some 90% of these sales were to export markets. We have seen strong growth in sales into continental Europe while the UK remains our largest market for these products.”