Bord na Móna today reported record operating profits of €34 million for 2005-2006 on turnover of €295.7 million.
Chairman Fergus McArdle said profit for 2005/2006 was up by €30 million, €26.3 million ahead of restated profits for 2004/2005. Turnover increased by 15 per cent.
Bord na Móna managing director John Hourican
The adoption of new reporting standards meant Bord na Móna was required to restate its results for 2004/2005. The company's year runs to the end of March.
The company recorded aftertax profit of €28.9 million or 9.8 per cent of sales, compared with €3.6 million after restatement -which was just 1.3 per cent of sales. in 2004/2005.
John Hourican, managing director, indicated the group was looking to diversify further from fuel supply for electricity generation.
Bord na Móna was cash positive at end of the reporting year with net cash of €12.2 million, compared to net borrowing of €19.5 million at March 2005.
"Bord na Móna is the most important source of indigenous energy supply in Ireland. This assumes even greater significance in that Ireland relies on imported energy sources for approximately 90 per cent of its needs.
"The continued availability of peat-based energy in the medium-term, continues to be of strategic national importance," Mr Hourican said.
Bord na Móna incurred costs of €5.1 million during the year - including the impairment of goodwill of €1.9 million and reorganisation and redundancy costs of €3.2.million.