Bord na Mona has posted a 12.6 per cent increase in profits for the year and said it had cut its borrowings to €8 million.
The semi-state body said net profit after tax at was €18.4 million, up 12.6 per cent on 2002. Turnover increased 8.2 per cent to €246.2 million; cash flow from operations was €41.5 million.
The company said the cut in borrowings to €8 million from €30.8 million meant that gearing was now down to 6 per cent.
However the company said profitability levels remained "inadequate" and "needed to improve".
Bord na Mona chairman Mr Donagh O'Donoghue said: "Our strong cash flow and healthy balance sheet provide a reasonable base from which to fund our acquisitions but our profit, satisfactory as it appears to be at the moment, has plenty of scope for improvement".