EXPORTS HELPED push profits at Coillte beyond €30 million last year, the latest figures show.
The company’s annual report, published yesterday, also shows that chief executive David Gunning was paid €470,000 in 2010, which included a €56,000 bonus that had been deferred from 2008.
The company’s accounts show that revenues in 2010 grew more than 20 per cent to €250.4 million from €206 million the previous year. Profits before tax more than trippled to €33.45 million from €7.5 million.
The accounts show that Mr Gunning’s salary was €297,000, but fees, a pension contribution, bonus and other benefits brought the total value of his package to €473,000, compared to the €417,000 he received in 2009.
The increase was accounted for by a €56,000 bonus payment that had been deferred from 2008. Coillte said the bonus had been awarded and was due for payment in mid-2009 but Mr Gunning deferred payment in light of difficult trading conditions.
“In December the board decided that it was neither appropriate nor tenable to continue to defer the payment further given the significant improvement in the performance of the business in 2010 and its contractual obligations to the chief executive,” the company added. Mr Gunning agreed to forego a bonus for 2009.
There is ongoing controversy concerning the salaries commanded by State company executives. The Government wants to see basic rates reduced to a maximum of €250,000.
Growth in timber exports and construction boards to Britain boosted Coillte’s profits last year, a company spokesman said.
The firm manages the State’s forests, harvests trees, operates sawmills and wood panel manufacturers Smartply and Medite.
The business had an underlying loss in 2009. But its profits were boosted by a one-off €25 million gain from the sale of harvesting rights to part of its forests.
Coillte is investing in energy through the development of wind farms, including one joint project with the ESB. Coillte has completed construction of a wind farm at Garvagh Glebe, Co Leitrim, and got planning permission for others in Galway and Wicklow.
It is is also building telecoms masts in partnership with network operator 3, which is rolling out the State’s rural broadband network.
The Government-appointed group led by economist Colm McCarthy recommended that the State partially privatise Coillte by leasing or selling harvesting rights to its forests.
