May 02, 2008. /Lesprom.com/. Coillte, the state owned company operating in forestry, land management, renewable energy and panel products, announced 2007 profits were up 79% to Euro 40.1 million, from Euro 22.46 million in 2006. The main drivers of this strong Group performance were high log and wood panel prices and strong customer demand, which resulted in strong performances by the Forest and Panel Products divisions in particular. Chairman, Brendan McKenna said, “2007 proved an excellent year with profits up 79% and turnover reaching Euro 318 million. Our core forestry business had a very strong year and we continue to invest heavily in this business with Euro 49 million invested in 2007 in reforestation, roads, farm partnerships and acquisition of immature forests. These measures will all sustain and enhance the productivity of our estate. Medite Europe has made a very positive contribution in its first year and has become an integrated part of the Group.” In 2007 Coillte Forest sold 2.56 million cubic metre of roundwood which generated Euro 106 million in revenue. The company also had its Forest Stewardship Council (FSC) certification renewed, a clear endorsement that Coillte manages its forests in accordance with strict economic, environmental and social principles. Coillte is a commercial State-owned company operating in forestry, panel products manufacturing, land management and energy. The Group owns 445 thousand hectares of land, 7% of the land of Ireland, and a number of manufacturing operations.