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\ Donal Magner
Coillte has announced a reduction in operating profit from €63.3m in 2019 to €29m in 2020.
Last year, Brexit and COVID-19 combined to create uncertainty for the company, but the greatest turbulence was caused by a major shortfall in felling and road licence approvals by the Department.
This had serious repercussions not only for Coillte but also their sawmill customers, contractors and downstream industries.
Irish sawmills maintained that at one point in 2020, forestry licensing delays both for Coillte and private forest owners, had stalled the production of 1.1m cubic metres of wood, enough timber to build 50,000 new homes.
Log sales
Coillte said sawlogs to sawmill customers were down 230,000m3 in 2020. \ Donal Magner
The ongoing forestry license backlog has seen Coillte’s revenues fall by €42m, its annual results for 2020 shows.
Coillte said sawlogs to sawmill customers were down 230,000m3 and sales of pulpwood were down by 170,000m3.
Coillte earnings before interest, tax, depreciation and amortisation (EBITDA) of €66m was down on the previous year’s €103m, while revenues of €285m were well down on 2019’s €327m.
Operating profit was €29.1m compared with €63.3m in 2019.
Coillte generated operating cash of €24m during 2020 and closed the year with net debt of €28m.